https://www.taxtmi.com/caselaws?id=762132 The ITAT Ahmedabad ruled in favor of the assessee in a revision case under Section 263. The CIT had challenged the AO's decision to tax undisclosed income admitted during survey at normal rate of 30% instead of higher rate of 60% under Section 115BBE. The ITAT held that the AO conducted adequate inquiries and correctly treated the undisclosed income as business income since it related to business activities and complied with Section 269ST requirements. The tribunal found no basis for applying Section 115BBE as the income was explained and connected to business receipts, not unexplained investments under Section 69A. en-us Thu, 17 Oct 2024 00:00:00 +0530 Tue, 26 Nov 2024 08:51:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762132 The ITAT Ahmedabad ruled in favor of the assessee in a revision case under Section 263. The CIT had challenged the AO's decision to tax undisclosed income admitted during survey at normal rate of 30% instead of higher rate of 60% under Section 115BBE. The ITAT held that the AO conducted adequate inquiries and correctly treated the undisclosed income as business income since it related to business activities and complied with Section 269ST requirements. The tribunal found no basis for applying Section 115BBE as the income was explained and connected to business receipts, not unexplained investments under Section 69A. Case-Laws Income Tax Thu, 17 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762132