Revision u/s 263 - Addition u/s 68 - income from other source ...

CIT's Section 263 Revision Overruled: Income u/s 68 Shouldn't Be Taxed u/s 115BBE.

August 20, 2022

Case Laws Income Tax AT

Revision u/s 263 - Addition u/s 68 - income from other source (income declared at the time of survey) - tax is payable u/s 115BBE or not - CIT was not at all justified by invoking the provisions of Sec. 263 by wrongly/incorrectly holding that the subjected assessment order u/s 143(3) dated 25.02.2019, was passed without considering that the income declared under the head of other sources being recovery of cash amount of advances paid for purchase, comes under preview of S. 68 and 69 and thus, the tax u/s 115BBE was to be paid, as against the tax at normal rates. The assumption of jurisdiction u/s 263 was contrary to the law and facts on record. - AT

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Revision u/s 263 - Addition u/s 68 - income from other source ...

CIT's Section 263 Revision Overruled: Income u/s 68 Shouldn't Be Taxed u/s 115BBE.

August 20, 2022

Case Laws Income Tax AT

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