Assessee included excess stock of diamonds found during survey ...

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

Case Laws Income Tax

October 19, 2024

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.

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Assessee included excess stock of diamonds found during survey ...

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

Case Laws Income Tax

October 19, 2024

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