https://www.taxtmi.com/highlights?id=82391 Assessee included excess stock of diamonds found during survey under "Income from Other Sources" and paid normal tax. PCIT held income should be taxed u/s 69B as unexplained investment, attracting higher tax u/s 115BBE. AO completed assessment without mentioning survey operations or examining assessee's claim. ITAT held AO failed to make proper enquiry before allowing the claim, making order amenable to revision u/s 263. ITAT directed AO to examine issue afresh regarding taxability of income offered during survey and decide in accordance with law. Assessee's appeal dismissed. en-us Sat, 19 Oct 2024 08:28:19 +0530 Sat, 19 Oct 2024 08:28:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=82391 Assessee included excess stock of diamonds found during survey under "Income from Other Sources" and paid normal tax. PCIT held income should be taxed u/s 69B as unexplained investment, attracting higher tax u/s 115BBE. AO completed assessment without mentioning survey operations or examining assessee's claim. ITAT held AO failed to make proper enquiry before allowing the claim, making order amenable to revision u/s 263. ITAT directed AO to examine issue afresh regarding taxability of income offered during survey and decide in accordance with law. Assessee's appeal dismissed. Highlights Income Tax Sat, 19 Oct 2024 08:28:19 +0530 https://www.taxtmi.com/highlights?id=82391