https://www.taxtmi.com/caselaws?id=755604 ITAT Rajkot quashed PCIT's revision order u/s 263 regarding income surrendered during survey u/s 133A. Assessee, a medical practitioner, voluntarily surrendered Rs. 15 lakhs as unaccounted professional receipts during survey, which AO accepted as business income taxed at normal rates. PCIT held AO's acceptance erroneous for lack of inquiry. ITAT found PCIT's conclusion baseless as assessee made voluntary surrender without any incriminating material found during survey. AO had conducted due inquiry and properly accepted surrender as professional receipts per judicial pronouncements. PCIT failed to examine survey records or demonstrate specific error in AO's assessment. Revision order held without valid jurisdiction and unsustainable. en-us Thu, 30 Nov 2023 00:00:00 +0530 Sat, 13 Jul 2024 13:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755604 ITAT Rajkot quashed PCIT's revision order u/s 263 regarding income surrendered during survey u/s 133A. Assessee, a medical practitioner, voluntarily surrendered Rs. 15 lakhs as unaccounted professional receipts during survey, which AO accepted as business income taxed at normal rates. PCIT held AO's acceptance erroneous for lack of inquiry. ITAT found PCIT's conclusion baseless as assessee made voluntary surrender without any incriminating material found during survey. AO had conducted due inquiry and properly accepted surrender as professional receipts per judicial pronouncements. PCIT failed to examine survey records or demonstrate specific error in AO's assessment. Revision order held without valid jurisdiction and unsustainable. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755604