https://www.taxtmi.com/caselaws?id=760317 ITAT Mumbai upheld PCIT's revision order u/s 263 against assessee who declared excess diamond stock found during survey as income from other sources and paid normal tax. PCIT contended income should be taxed u/s 115BBE as unexplained investment. AO completed assessment without mentioning survey or examining declared income. ITAT found AO failed to conduct proper enquiry despite survey findings, making assessment erroneous and prejudicial to revenue interest. However, ITAT modified revision order directing AO to examine issue afresh and determine correct taxability of survey income. Assessee's appeal dismissed. en-us Mon, 26 Aug 2024 00:00:00 +0530 Fri, 18 Oct 2024 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760317 ITAT Mumbai upheld PCIT's revision order u/s 263 against assessee who declared excess diamond stock found during survey as income from other sources and paid normal tax. PCIT contended income should be taxed u/s 115BBE as unexplained investment. AO completed assessment without mentioning survey or examining declared income. ITAT found AO failed to conduct proper enquiry despite survey findings, making assessment erroneous and prejudicial to revenue interest. However, ITAT modified revision order directing AO to examine issue afresh and determine correct taxability of survey income. Assessee's appeal dismissed. Case-Laws Income Tax Mon, 26 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760317