Revision u/s 263 - Correct source of income - special rate of ...

Tax Case: Income Classification Dispute u/s 263; Unexplained Cash Credit vs. Business Income u/s 115BBE.

August 29, 2022

Case Laws Income Tax AT

Revision u/s 263 - Correct source of income - special rate of tax u/s. 115BBE - As per CIT income of the assessee should have been assessed as unexplained cash credit, rather than business income - In assessee’s case the amount is not recorded in the books of accounts and directly offered to tax in the statement of computation (page 12 of paper book) as additional income under the head profits and gains of business or profession. - Provisions of section 68 not applicable - Revision order is not valid - AT

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Revision u/s 263 - Correct source of income - special rate of ...

Tax Case: Income Classification Dispute u/s 263; Unexplained Cash Credit vs. Business Income u/s 115BBE.

August 29, 2022

Case Laws Income Tax AT

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