https://www.taxtmi.com/caselaws?id=458119 The ITAT Raipur allowed the assessee's appeal against PCIT's revision order u/s 263. The tribunal held that AO's assessment treating excess stock as business income rather than unexplained investment u/s 69 was not erroneous, as the assessee consistently declared it as business income from survey proceedings through return filing. The AO had specifically examined this issue and accepted the assessee's explanation after due application of mind. The tribunal noted judicial precedents supporting taxation of surrendered business income under normal rates rather than u/s 115BBE. Regarding purchase figure mismatches between trial balance and audited balance sheet, the tribunal found the assessee's explanation of regrouping entries justified and held PCIT's direction for further enquiry was unwarranted. en-us Wed, 29 Sep 2021 00:00:00 +0530 Sat, 19 Oct 2024 13:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458119 The ITAT Raipur allowed the assessee's appeal against PCIT's revision order u/s 263. The tribunal held that AO's assessment treating excess stock as business income rather than unexplained investment u/s 69 was not erroneous, as the assessee consistently declared it as business income from survey proceedings through return filing. The AO had specifically examined this issue and accepted the assessee's explanation after due application of mind. The tribunal noted judicial precedents supporting taxation of surrendered business income under normal rates rather than u/s 115BBE. Regarding purchase figure mismatches between trial balance and audited balance sheet, the tribunal found the assessee's explanation of regrouping entries justified and held PCIT's direction for further enquiry was unwarranted. Case-Laws Income Tax Wed, 29 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458119