https://www.taxtmi.com/caselaws?id=447032 ITAT Chandigarh allowed the assessee's appeal against CIT's revision order u/s 263. During survey proceedings, discrepancies were found and the assessee offered unexplained advances as income. CIT held the AO's assessment was erroneous for taxing surrendered income as business income instead of u/s 115BBE. ITAT found the assessee provided adequate explanation regarding nature and source of unrecorded diagnostic lab fee transactions, establishing business nexus. Since the income didn't qualify as unexplained under sections 69-69B, AO's assessment as business income was correct. CIT's revision order was set aside and AO's order restored. en-us Wed, 29 Nov 2023 00:00:00 +0530 Mon, 04 Mar 2024 17:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447032 ITAT Chandigarh allowed the assessee's appeal against CIT's revision order u/s 263. During survey proceedings, discrepancies were found and the assessee offered unexplained advances as income. CIT held the AO's assessment was erroneous for taxing surrendered income as business income instead of u/s 115BBE. ITAT found the assessee provided adequate explanation regarding nature and source of unrecorded diagnostic lab fee transactions, establishing business nexus. Since the income didn't qualify as unexplained under sections 69-69B, AO's assessment as business income was correct. CIT's revision order was set aside and AO's order restored. Case-Laws Income Tax Wed, 29 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447032