https://www.taxtmi.com/caselaws?id=764548 ITAT Rajkot quashed PCIT's revision order u/s 263 regarding unaccounted excess stock found during survey proceedings. The tribunal held that AO conducted necessary enquiries during assessment proceedings by asking for details about closing stock valuation and discrepancies. Since excess stock related to assessee's business activities and assessee provided explanations for discrepancies, no addition u/s 115BBE at higher tax rate was warranted. The tribunal found AO's order was neither erroneous nor prejudicial to revenue interests as AO took a plausible view based on evidence gathered. Appeal allowed. en-us Wed, 01 Jan 2025 00:00:00 +0530 Mon, 13 Jan 2025 08:40:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764548 ITAT Rajkot quashed PCIT's revision order u/s 263 regarding unaccounted excess stock found during survey proceedings. The tribunal held that AO conducted necessary enquiries during assessment proceedings by asking for details about closing stock valuation and discrepancies. Since excess stock related to assessee's business activities and assessee provided explanations for discrepancies, no addition u/s 115BBE at higher tax rate was warranted. The tribunal found AO's order was neither erroneous nor prejudicial to revenue interests as AO took a plausible view based on evidence gathered. Appeal allowed. Case-Laws Income Tax Wed, 01 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764548