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2022 (12) TMI 1344 - AT - Income TaxRevision u/s 263 by CIT - addition were made u/s 69 and 69C - AP applied the rate of tax u/s 115BBE @30% instead of @60% - HELD THAT:- We find that in the present case, the AO has determined the assessee’s income under section 69C of the Act read with section 115BBE of the Act and while determining the rate of tax, has been apparently guided by the pre-amended law where the rate of tax was 30% as against rate of tax of 60% as per the amended law which was applicable for the impugned assessment year 2017-18. Therefore, we find that the issue is not really about the applicability of section 115BBE rather the real issue is about the rate of tax as per section 115BBE - Where the ld PCIT has stated that the AO has not applied the rate of tax as per section 115BBE, what he meant was rate of tax of 60% given that the AO has already applied rate of tax of 30% as so submitted by the assessee. It is not the case of the assessee that the amended law is not applicable in its facts and circumstances of the case for the impugned assessment year 2017-18. It is therefore a case where the AO has erred in not applying the rate of tax as per the amended law as applicable for the impugned assessment year and the order so passed is therefore rightly held by the ld PCIT as erroneous in so far as prejudicial to the interest of the Revenue. We therefore didn’t find any justifiable basis to interfere with the order of the ld PCIT who has rightly exercise his revisional jurisdiction u/s 263 by setting aside the order of the AO to the extent of applying the rate of tax as per amended Section 115BBE for the impugned assessment year on the quantum of additions made and sustained u/s 69C of the Act. We sustain the order of the Ld. PCIT(C) in light of aforesaid directions and the appeal of the assessee is dismissed.
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