Revision u/s 263 - Levy of tax @60% on undisclosed income - AO ...

Income Tax

November 30, 2020

Revision u/s 263 - Levy of tax @60% on undisclosed income - AO completed the assessment after considering the explanation offered by the assessee. In the explanation, the assessee has explained as to why the same should be treated as business income and the provisions of section 69 and section 115BBE are not applicable. - Therefore revisiting the same issue which was already considered by the AO constitutes difference of opinion and on difference of opinion revision u/s 263 is not permissible. - AT

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Revision u/s 263 - Levy of tax @60% on undisclosed income - AO ...

Income Tax

November 30, 2020

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