https://www.taxtmi.com/caselaws?id=765679 The ITAT Ahmedabad ruled in favor of the assessee regarding a revision under Section 263. The Pr. CIT attempted to revise an assessment order, arguing that income declared during survey should have been taxed under Section 115BBE rather than normal rates. The tribunal held that since the assessee voluntarily declared the income during survey proceedings and the AO conducted proper inquiries before treating it as business income, the assessment was neither erroneous nor prejudicial to revenue interests. The Pr. CIT exceeded jurisdiction by reviewing the merits of the AO's decision rather than focusing solely on whether the order was erroneous or prejudicial. en-us Tue, 04 Feb 2025 00:00:00 +0530 Fri, 07 Feb 2025 08:38:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765679 The ITAT Ahmedabad ruled in favor of the assessee regarding a revision under Section 263. The Pr. CIT attempted to revise an assessment order, arguing that income declared during survey should have been taxed under Section 115BBE rather than normal rates. The tribunal held that since the assessee voluntarily declared the income during survey proceedings and the AO conducted proper inquiries before treating it as business income, the assessment was neither erroneous nor prejudicial to revenue interests. The Pr. CIT exceeded jurisdiction by reviewing the merits of the AO's decision rather than focusing solely on whether the order was erroneous or prejudicial. Case-Laws Income Tax Tue, 04 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765679