Tribunal Upholds Normal Tax Rate on Unexplained Expenditure, Rejects PCIT's Higher Rate Revision Attempt.

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....The case pertains to the revision of an assessment order u/s 263 regarding the applicability of the higher tax rate u/s 115BBE on unexplained expenditure u/s 69C. The assessee had purchased excess stock using unexplained funds, which the Assessing Officer (AO) treated as unexplained expenditure but charged tax at normal rates. The Principal Commissioner of Income Tax (PCIT) invoked Section 263, contending that the higher tax rate u/s 115BBE should have been applied. However, the Tribunal held that when the AO has conducted proper inquiries and taken a plausible view, the PCIT cannot substitute their view for the AO's unless the AO's view is unsustainable in law. The Tribunal relied on the Supreme Court's decision in Malabar Industrial Co. L.........