https://www.taxtmi.com/caselaws?id=460193 ITAT Chandigarh allowed the assessee's appeal against revision order u/s 263. During survey, assessee surrendered Rs 50 lacs (excess stock Rs 40 lacs, excess cash Rs 10 lacs) as business income. AO accepted the surrender after due inquiry and treated it as business income rather than applying deeming provisions u/s 115BBE. Pr. CIT invoked s. 263 claiming AO's order was erroneous. ITAT held AO conducted proper inquiry, accepted assessee's explanation establishing business nexus, and took plausible view. Since transactions were explained and linked to business, deeming provisions didn't apply. Pr. CIT's revision order was set aside and AO's assessment restored. en-us Mon, 18 Dec 2023 00:00:00 +0530 Tue, 14 Jan 2025 19:59:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460193 ITAT Chandigarh allowed the assessee's appeal against revision order u/s 263. During survey, assessee surrendered Rs 50 lacs (excess stock Rs 40 lacs, excess cash Rs 10 lacs) as business income. AO accepted the surrender after due inquiry and treated it as business income rather than applying deeming provisions u/s 115BBE. Pr. CIT invoked s. 263 claiming AO's order was erroneous. ITAT held AO conducted proper inquiry, accepted assessee's explanation establishing business nexus, and took plausible view. Since transactions were explained and linked to business, deeming provisions didn't apply. Pr. CIT's revision order was set aside and AO's assessment restored. Case-Laws Income Tax Mon, 18 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460193