https://www.taxtmi.com/caselaws?id=753203 The ITAT Delhi allowed the assessee's appeal against CIT's revision under section 263. The CIT contended that Rs 1 crore income surrendered during survey should be taxed under section 68 read with section 115BBE at 60% rate rather than as business income. The tribunal held that since the assessee was a doctor and the additional income was offered as business income from her profession, with no evidence suggesting otherwise, the AO correctly assessed it as business income. The income did not constitute unexplained cash credit under section 68, making section 115BBE inapplicable. The CIT's revision jurisdiction was improperly invoked. en-us Thu, 09 May 2024 00:00:00 +0530 Tue, 28 May 2024 10:41:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753203 The ITAT Delhi allowed the assessee's appeal against CIT's revision under section 263. The CIT contended that Rs 1 crore income surrendered during survey should be taxed under section 68 read with section 115BBE at 60% rate rather than as business income. The tribunal held that since the assessee was a doctor and the additional income was offered as business income from her profession, with no evidence suggesting otherwise, the AO correctly assessed it as business income. The income did not constitute unexplained cash credit under section 68, making section 115BBE inapplicable. The CIT's revision jurisdiction was improperly invoked. Case-Laws Income Tax Thu, 09 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753203