https://www.taxtmi.com/caselaws?id=757719 ITAT Jaipur set aside PCIT(Central)'s revision order u/s 263 regarding excess stock found during survey proceedings. The tribunal held that AO's acceptance of surrendered income as business income was a plausible view after proper examination of survey findings, documents, and assessee's statement. PCIT failed to establish how AO's order was erroneous, merely stating that section 115BBE provisions were attracted to excess stock found during survey. The tribunal found AO conducted requisite inquiry and took sustainable view considering facts and circumstances. Appeal allowed, revision order cancelled. en-us Tue, 23 Jul 2024 00:00:00 +0530 Fri, 30 Aug 2024 18:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757719 ITAT Jaipur set aside PCIT(Central)'s revision order u/s 263 regarding excess stock found during survey proceedings. The tribunal held that AO's acceptance of surrendered income as business income was a plausible view after proper examination of survey findings, documents, and assessee's statement. PCIT failed to establish how AO's order was erroneous, merely stating that section 115BBE provisions were attracted to excess stock found during survey. The tribunal found AO conducted requisite inquiry and took sustainable view considering facts and circumstances. Appeal allowed, revision order cancelled. Case-Laws Income Tax Tue, 23 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757719