https://www.taxtmi.com/caselaws?id=464406 ITAT JAIPUR - AT affirmed the PCIT's revision under s.263, holding that excess stock disclosed by the assessee but shown as investment in the profit and loss account was unexplained for want of source and therefore liable under s.68 and taxable under s.115BBE. The Tribunal found the AO's assessment to be mechanically done without verifying explanations or records and rejected the assessee's reliance on differing case law. Ground No.2 raised by the assessee was dismissed and the PCIT's view confirmed. en-us Thu, 29 Aug 2024 00:00:00 +0530 Tue, 28 Oct 2025 19:16:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464406 ITAT JAIPUR - AT affirmed the PCIT's revision under s.263, holding that excess stock disclosed by the assessee but shown as investment in the profit and loss account was unexplained for want of source and therefore liable under s.68 and taxable under s.115BBE. The Tribunal found the AO's assessment to be mechanically done without verifying explanations or records and rejected the assessee's reliance on differing case law. Ground No.2 raised by the assessee was dismissed and the PCIT's view confirmed. Case-Laws Income Tax Thu, 29 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464406