https://www.taxtmi.com/caselaws?id=767136 ITAT Jaipur allowed the assessee's appeal against revision u/s 263. The assessee disclosed undisclosed income during survey proceedings, which the AO treated as business income without invoking section 68. The PCIT attempted revision claiming the order was erroneous and prejudicial to revenue. ITAT held that when the AO adopts one of two permissible legal courses, even if resulting in revenue loss, it cannot be deemed erroneous unless totally unsustainable in law. The revision was not legally justified as the AO's treatment of disclosed income as business income was a permissible view. en-us Wed, 05 Mar 2025 00:00:00 +0530 Tue, 11 Mar 2025 08:33:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767136 ITAT Jaipur allowed the assessee's appeal against revision u/s 263. The assessee disclosed undisclosed income during survey proceedings, which the AO treated as business income without invoking section 68. The PCIT attempted revision claiming the order was erroneous and prejudicial to revenue. ITAT held that when the AO adopts one of two permissible legal courses, even if resulting in revenue loss, it cannot be deemed erroneous unless totally unsustainable in law. The revision was not legally justified as the AO's treatment of disclosed income as business income was a permissible view. Case-Laws Income Tax Wed, 05 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767136