https://www.taxtmi.com/caselaws?id=450940 ITAT Jodhpur allowed the assessee's appeal in rectification proceedings u/s 154 concerning unexplained investment addition u/s 69. The assessee surrendered income from unexplained land investment and subsequent sale. The Tribunal held that since the assessee disclosed discrepancies as income rather than undisclosed assets, it constituted business income due to error/omission, not income from other sources. Following precedents from Rajasthan HC in Bajargan Traders and coordinate bench decisions, the Tribunal ruled that s.69 provisions weren't invoked in the original assessment u/s 143(3), making subsequent application of s.115BBE through s.154 rectification impermissible. The rectification order was quashed. en-us Wed, 13 Mar 2024 00:00:00 +0530 Fri, 15 Mar 2024 10:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450940 ITAT Jodhpur allowed the assessee's appeal in rectification proceedings u/s 154 concerning unexplained investment addition u/s 69. The assessee surrendered income from unexplained land investment and subsequent sale. The Tribunal held that since the assessee disclosed discrepancies as income rather than undisclosed assets, it constituted business income due to error/omission, not income from other sources. Following precedents from Rajasthan HC in Bajargan Traders and coordinate bench decisions, the Tribunal ruled that s.69 provisions weren't invoked in the original assessment u/s 143(3), making subsequent application of s.115BBE through s.154 rectification impermissible. The rectification order was quashed. Case-Laws Income Tax Wed, 13 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450940