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2022 (9) TMI 816 - AT - Income TaxRevision u/s 263 by CIT - In view of the CIT , undisclosed cash deposits should have been treated as unexplained investment u/s. 69 instead of 8% of the receipts and taxed @30% as contemplated u/s. 115BBE - HELD THAT:- As evident from the records that during the assessment proceedings, the assessee had initially agreed to offer income @8% on the cash deposits - CIT observed that later on, the assessee retracted his statements for three times and changed his version at every stage of appellate proceedings. Pr. CIT further observed that the assessee had claimed expenditure relatable to his professional receipts of the relevant year and arrived at net profit of Rs. 3,18,600/-. Hence, the Ld. Pr. CIT opined that the entire undisclosed cash deposits of Rs. 11,68,000/- should have been treated as unexplained investment u/s. 69 of the Act and taxed @30% as contemplated u/s. 115BBE of the Act instead of 8% of the receipts and treated the order of the AO as erroneous and prejudicial to the interest of the revenue. CIT has directed the AO to recompute the total income by passing a consequential order. Hence no infirmity in the order passed u/s. 263. Grounds raised by the assessee's dismissed.
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