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2020 (11) TMI 1110 - AT - Income TaxRevision u/s 263 - taxability of additional income in tobacco stock as declared in search u/s 132 - two possible views on the issue - PCIT noticed that the AO taxed the undisclosed income representing unexplained stock @30% instead of 60% as required u/s 115BBE - Whether additional income admitted by the assessee should not be treated as undisclosed investment u/s 69? - HELD THAT:- There are two possible views with regard to excess stock found during the course of search/survey in the premises of the assessee. According to the decisions relied upon by the assessee, the same forms part of business income and the same cannot be assessed u/s 69 - There are two possible views on assessment of business stock as business income as well as unexplained investment as per the views of Pr.CIT and the assessee. AO after examining the explanation taken a view that the excess stock required to be assessed as business income, accordingly completed the assessment. When there are two possible views and one of the possible view is taken by the AO, the CIT is not permitted to substitute his view to tax the assessee at higher rate by applying the provisions of section 115BBE of the Act in the proceedings u/s 263. As decided in Spectra Shares and Scrips (P) Limited [2013 (6) TMI 173 - ANDHRA PRADESH HIGH COURT] merely because of difference of opinion, Pr.CIT cannot invoke his powers u/s 263. Once the Assessing Officer had taken a conscious decision and acted in accordance with law and made the assessment, the same could not be branded as erroneous by the Commissioner, simply because according to him, the Assessing Officer should have made further enquiries - See G.V.R. Associates. v. Income-tax Officer, Ward-1(3), Vijayawada. Thus we hold that there is no case for revision u/s 263 made - Decided in favour of assessee.
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