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2023 (7) TMI 973 - AT - Income TaxRevision u/s 263 - applicability of higher rate of tax is u/s 115BBE - incomes have been admitted by assessee during the course of survey and also offered as such in the return of income - income relatable to the excess-stock and excess-cash - HELD THAT:- We are in agreement with DR that the Ld. AO has simply stated that the assessee has incorporated the excess-cash and excess-stock in the ITR. The function of assessing authority is not only of adjudicator but also of investigator. In the present case, it is quite apparent from assessment-order that the Ld. AO has not made requisite enquiry to ascertain the nature and tax implications of the impugned incomes, he has simply shut the point by saying that the assessee has incorporated incomes in ITR. Therefore, the decisions relied upon by Ld. AR do not support the assessee’s stand. As the higher rate of tax prescribed in section 115BBE is applicable to the whole previous year 2016-17 relevant to assessment-year 2017-18 and there is no merit in the contention raised by assessee. We are of the view that the Ld. PCIT has rightly termed the assessment-order as erroneous-cum-prejudicial to the interest of revenue and therefore the revision- order passed by PCIT is a valid order in terms of section 263. Decided against assessee.
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