https://www.taxtmi.com/caselaws?id=447574 ITAT Indore upheld Pr. CIT's revision order u/s 263 setting aside AO's assessment. During survey proceedings, assessee surrendered income for excess stock and declared it under "other sources." AO failed to inquire about applicability of section 115BBE (higher tax rate) despite assessing surrendered income as income from other sources. ITAT found complete lack of inquiry by AO constituted erroneous and prejudicial assessment order. AO directed to reconsider issue in accordance with section 115BBE provisions. Assessee's appeal dismissed. en-us Thu, 21 Dec 2023 00:00:00 +0530 Fri, 29 Dec 2023 10:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447574 ITAT Indore upheld Pr. CIT's revision order u/s 263 setting aside AO's assessment. During survey proceedings, assessee surrendered income for excess stock and declared it under "other sources." AO failed to inquire about applicability of section 115BBE (higher tax rate) despite assessing surrendered income as income from other sources. ITAT found complete lack of inquiry by AO constituted erroneous and prejudicial assessment order. AO directed to reconsider issue in accordance with section 115BBE provisions. Assessee's appeal dismissed. Case-Laws Income Tax Thu, 21 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447574