https://www.taxtmi.com/caselaws?id=772171 ITAT Chandigarh ruled in favor of the assessee regarding revision under section 263 concerning surrendered unaccounted cash and advances. The tribunal held that the AO properly assessed the surrendered amount as business income rather than under special provisions of section 115BBE read with section 69A. The AO had adequately examined the survey statement, surrender letter, and return of income before making the assessment. The tribunal found no error in the AO's decision and determined the order was not erroneous, rejecting the PCIT's revision attempt. en-us Thu, 28 Nov 2024 00:00:00 +0530 Thu, 05 Jun 2025 08:25:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772171 ITAT Chandigarh ruled in favor of the assessee regarding revision under section 263 concerning surrendered unaccounted cash and advances. The tribunal held that the AO properly assessed the surrendered amount as business income rather than under special provisions of section 115BBE read with section 69A. The AO had adequately examined the survey statement, surrender letter, and return of income before making the assessment. The tribunal found no error in the AO's decision and determined the order was not erroneous, rejecting the PCIT's revision attempt. Case-Laws Income Tax Thu, 28 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772171