Excess diamonds found during survey, taxed under "Other Sources" instead of Unexplained Investment, leading to higher tax liability.

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....Assessee included excess stock of diamonds found during survey under "Income from Other Sources" and paid normal tax. PCIT held income should be taxed u/s 69B as unexplained investment, attracting higher tax u/s 115BBE. AO completed assessment without mentioning survey operations or examining assessee's claim. ITAT held AO failed to make proper enquiry before allowing the claim, making order amenable to revision u/s 263. ITAT directed AO to examine issue afresh regarding taxability of income offered during survey and decide in accordance with law. Assessee's appeal dismissed.....