https://www.taxtmi.com/caselaws?id=760875 ITAT Jaipur quashed PCIT's revision order u/s 263 regarding taxation of undisclosed cash sales. PCIT sought to tax additions as unexplained money u/s 69A r/w 115BBE instead of business income. ITAT held AO's assessment was neither erroneous nor prejudicial as AO consciously treated cash sales as business income after proper inquiry. No undisclosed money/assets were found during search, only extrapolated sales based on seized records. Addition was disputed before CIT(A), and AO had applied s.115BBE in subsequent years, showing awareness of provisions. Assessee's appeal allowed. en-us Wed, 16 Oct 2024 00:00:00 +0530 Mon, 28 Oct 2024 14:44:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760875 ITAT Jaipur quashed PCIT's revision order u/s 263 regarding taxation of undisclosed cash sales. PCIT sought to tax additions as unexplained money u/s 69A r/w 115BBE instead of business income. ITAT held AO's assessment was neither erroneous nor prejudicial as AO consciously treated cash sales as business income after proper inquiry. No undisclosed money/assets were found during search, only extrapolated sales based on seized records. Addition was disputed before CIT(A), and AO had applied s.115BBE in subsequent years, showing awareness of provisions. Assessee's appeal allowed. Case-Laws Income Tax Wed, 16 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760875