Revision u/s 263 - income offered during the course of survey - ...

Section 263 Revision: Business Income Assessed at Normal Tax Rate, Not Section 115BBE's Higher Rate, Revision Order Overturned.

July 4, 2023

Case Laws Income Tax AT

Revision u/s 263 - income offered during the course of survey - Applicable rate of tax - the explanation offered by the assessee during the course of survey regarding the source of such income and thereafter, has assessed the income under the head “business income”. The view so taken by the Assessing officer is after due application of mind and therefore cannot be held as unsustainable in the eyes of law. - normal tax rate are applicable and the tax rate as per section 115BBE not applicable - Revision order set aside - AT

View Source

← Previous Next →

Revision u/s 263 - income offered during the course of survey - ...

Section 263 Revision: Business Income Assessed at Normal Tax Rate, Not Section 115BBE's Higher Rate, Revision Order Overturned.

July 4, 2023

Case Laws Income Tax AT

You may also like:

Revision u/s 263 by CIT - AO offered the income arising on purchase and sale of shares as business income and duly accepted by the Assessing Officer, the realignment of...

Revision u/s 263 - Taxability of income disclosed in survey proceedings u/s 133A at Higher Rate of tax u/s 115BBE - ITAT quashed order treating the undisclosed income as...

Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

Excess stock found during survey in assessee's business premises led to surrendered income. Assessing Officer accepted return figures but applied higher tax rate u/s...

The case pertains to the revision of an assessment order u/s 263 regarding the applicability of the higher tax rate u/s 115BBE on unexplained expenditure u/s 69C. The...

The appellant trust claimed to be formed for public charitable activities and registered under the Rajasthan Public Trust Act 1959, regularly filing its income tax...

Higher rate of tax @60% u/s 115BBE - though the alleged surrendered income is a business income but since assessee being individual having no limitation of earning...

Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

Revision u/s 263 - Correct source of income - special rate of tax u/s. 115BBE - As per CIT income of the assessee should have been assessed as unexplained cash credit,...

Income surrendered during survey - Levy of higher rate of tax u/s 115BBE - the income surrendered during the course of survey cannot be brought to tax under the deeming...

Revision u/s 263 - Doctrine of merger - the subject-matter in question “Disallowance under section 14A r.w.r.8D” ‘ has been considered and decided by the Commissioner of...

Revision u/s 263 - correct head of income - while we see no reason to interfere with the order of the Commissioner under Section 263 of the Income Tax Act to the extent...

Section 263 revision - Unexplained income u/s 69A read with Section 115BBE - Cash seized shown as 'income from other sources' - Whether to be treated as unexplained...

The Income Tax Appellate Tribunal (ITAT) held that the assessee is entitled to the concessional tax rate of 10% on royalty income u/s 115BBF, as the assessee had...

Revision u/s 263 - applicability of higher rate of tax is u/s 115BBE - incomes have been admitted by assessee during the course of survey and also offered as such in the...

Quick Updates: