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2024 (8) TMI 932 - HC - Income TaxRevision u/s 263 - petitioner had surrendered during search operation an additional income on account of excess stock construction of residential house and renovation of business premises - AO assessed the income from professional usage before depreciation and interest apart from income u/s 44AD HELD THAT - Surrendered Income was to be assessed under the head income from other sources at special rate u/s 115BBE Further taxability of professional receipts were required to be assessed in accordance with provisions of section 44ADA of the Act @ 50%. Thus we find that the assessment under the head income from other sources was to be done under Section 115 BBE We find that the assessment in accordance with provisions of Section 44ADA of the Act of 1961 has to be @ 50 % and thus the AO has erred in making its assessments and consequently the order is prejudicial to the interest of the revenue. Therefor the order u/s 263 of the Act of 1961 has rightly been passed and same has been upheld by the Income Tax Appellate Tribunal.
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