https://www.taxtmi.com/caselaws?id=448571 ITAT Rajkot ruled in favor of the assessee in a revision case under section 263. PCIT contended that the AO erroneously framed assessment under section 143(3) without proper verification of income surrendered during survey operation under sections 69 and 115BBE. ITAT held that AO conducted necessary inquiries and applied due mind during assessment proceedings. The tribunal found PCIT erred by invoking explanation 2 to section 263 without prior reference in the notice. Since assessee justified the source of surrendered income, it could not be treated as deemed income under section 69, making section 115BBE inapplicable. ITAT concluded AO's view was plausible and PCIT cannot substitute it with his own understanding. en-us Fri, 19 Jan 2024 00:00:00 +0530 Tue, 23 Jan 2024 08:24:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448571 ITAT Rajkot ruled in favor of the assessee in a revision case under section 263. PCIT contended that the AO erroneously framed assessment under section 143(3) without proper verification of income surrendered during survey operation under sections 69 and 115BBE. ITAT held that AO conducted necessary inquiries and applied due mind during assessment proceedings. The tribunal found PCIT erred by invoking explanation 2 to section 263 without prior reference in the notice. Since assessee justified the source of surrendered income, it could not be treated as deemed income under section 69, making section 115BBE inapplicable. ITAT concluded AO's view was plausible and PCIT cannot substitute it with his own understanding. Case-Laws Income Tax Fri, 19 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448571