https://www.taxtmi.com/caselaws?id=448798 The Gujarat HC dismissed the revenue's revision petition under Section 263 regarding taxability of income disclosed during survey proceedings under Section 133A at higher rates under Section 115BBE. The ITAT had deleted the addition, finding no provision in Section 115BBE requiring higher tax rates when assessee surrendered undisclosed income during survey for relevant years. The Assessing Officer had conducted proper inquiries and treated the disclosed income as business income, allowing related expenditure claims for interest and partner remuneration. The HC upheld the ITAT's decision, ruling no substantial question of law arose from the tribunal's factual findings. en-us Tue, 23 Jan 2024 00:00:00 +0530 Tue, 30 Jan 2024 08:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448798 The Gujarat HC dismissed the revenue's revision petition under Section 263 regarding taxability of income disclosed during survey proceedings under Section 133A at higher rates under Section 115BBE. The ITAT had deleted the addition, finding no provision in Section 115BBE requiring higher tax rates when assessee surrendered undisclosed income during survey for relevant years. The Assessing Officer had conducted proper inquiries and treated the disclosed income as business income, allowing related expenditure claims for interest and partner remuneration. The HC upheld the ITAT's decision, ruling no substantial question of law arose from the tribunal's factual findings. Case-Laws Income Tax Tue, 23 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448798