https://www.taxtmi.com/caselaws?id=463296 ITAT Mumbai (AT) dismissed the assessee's appeal and upheld the Principal CIT's revision under s.263. The AO had treated unexplained bank deposits assessed u/s 68 as business income and allowed set-off of brought-forward losses; the Principal CIT held that such addition should not have been characterized as business income. The ITAT found no material showing the AO examined the issue nor any unsustainable view by the Principal CIT, and therefore confirmed the revision and dismissal of the appeal. en-us Mon, 29 May 2017 00:00:00 +0530 Fri, 22 Aug 2025 20:06:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463296 ITAT Mumbai (AT) dismissed the assessee's appeal and upheld the Principal CIT's revision under s.263. The AO had treated unexplained bank deposits assessed u/s 68 as business income and allowed set-off of brought-forward losses; the Principal CIT held that such addition should not have been characterized as business income. The ITAT found no material showing the AO examined the issue nor any unsustainable view by the Principal CIT, and therefore confirmed the revision and dismissal of the appeal. Case-Laws Income Tax Mon, 29 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463296