9911796707
TMI Blog2024 (8) TMI 932X X X X Extracts X X X X X X X X Extracts X X X X ..... accordance with provisions of section 44ADA of the Act @ 50%. Thus, we find that the assessment under the head income from other sources was to be done under Section 115 BBE, We find that the assessment in accordance with provisions of Section 44ADA of the Act of 1961 has to be @ 50 % and thus, the AO has erred in making its assessments and consequently, the order is prejudicial to the interest of the revenue. Therefor, the order u/s 263 of the Act of 1961, has rightly been passed and same has been upheld by the Income Tax Appellate Tribunal. - HON'BLE MR. JUSTICE SANJEEV PRAKASH SHARMA AND HON'BLE MR. JUSTICE SANJAY VASHISTH Present: For the Appellant : Ms. Aakriti, Advocate. For the Respondent : None SANJEEV PRAKASH SHARMA, J.(O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion to interfere with the order passed by the AO by exercising powers under Section 263 of the Act of 1961 and power under Section 263 of the Act of 1961 can only be invoked where the order of the AO is erroneous and prejudicial to the interest of the revenue and not in cases where there can be two opinion related to the assessment. 4. We have carefully considered the submissions that AO has reached to the aforesaid conclusion giving the benefit and considering the income in terms of Section 44AD of the Act. The said aspect was considered by the PCIT under Section 263 of the Act of 1961 and it was noticed as under: 1.5 In so far as professional receipts of Rs.13,38,500/- and the corresponding expending expenses of Rs.22,88,492/- as well as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 69, section 69A, section 69B, section 69C or section 69D, if such income is not covered under clause (a), the income-tax payable shall be the aggregate of (i) the amount of income-tax calculated on the income referred to in clause (a) and clause (b), at the rate of sixty per cent; and (ii) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (i). (2) Notwithstanding anything contained in this Act, no deduction in respect of any expenditure or allowance or set off of any loss shall be allowed to the assessee under any provision of this Act in computing his income referred to in clause (a) and clause (b) of sub-section (1). 5. In vi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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