Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (11) TMI 792 - ITAT DELHIRevision u/s 263 - Taxability of surrendered income - addition u/s 68 r.w.s. 115BBE - as per CIT surrendered income was in the nature of unexplained cash and unexplained stock and the same was liable to be added as income from other sources and tax was liable to be paid @ 60% u/s 115BBE of the Act which the Ld. AO failed to do - HELD THAT:- We respectfully follow the decision of the Tribunal in the case of Shri Bharat Malhotra [2022 (11) TMI 1427 - ITAT DELHI] - We do not agree with the contention of the Ld. CIT-DR that the Ld. AO had not made any enquiry. We have observed that the Ld. AO had issued questionnaire along with statutory notice(s) sent to the assessee in response to which the assessee had filed written reply along with necessary documents and evidence. He perused and considered them. Not only this, the Ld. AO called for books of account which he verified. In our considered view it is not a case of no enquiry. Thus we vacate the order of the Ld. PCIT and restore the assessment order passed by the Ld. AO under section 143(3) of the Act. Decided in favour of assessee.
|