https://www.taxtmi.com/caselaws?id=459363 ITAT Indore dismissed the assessee's appeal challenging revision under section 263. The AO failed to conduct proper enquiry into the nature and tax implications of excess stock, excess cash, and unexplained money advanced, merely accepting that these were declared in the ITR. The PCIT correctly found the assessment order erroneous and prejudicial to revenue interest. Following Kerala HC precedent, section 115BBE's higher tax rate applies to the entire previous year 2016-17. The revision order was upheld as valid. en-us Fri, 23 Dec 2022 00:00:00 +0530 Tue, 10 Dec 2024 19:00:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459363 ITAT Indore dismissed the assessee's appeal challenging revision under section 263. The AO failed to conduct proper enquiry into the nature and tax implications of excess stock, excess cash, and unexplained money advanced, merely accepting that these were declared in the ITR. The PCIT correctly found the assessment order erroneous and prejudicial to revenue interest. Following Kerala HC precedent, section 115BBE's higher tax rate applies to the entire previous year 2016-17. The revision order was upheld as valid. Case-Laws Income Tax Fri, 23 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459363