Held that the Assessing Officer assessed the income surrendered as business income, after making proper enquiry. Revision order on the basis of surrendered income to be assessed under section 68 @ 60 per.cent as per section. 115BBE is quashed and set aside.(AY. 2017-18)
Avtar Singh Kalsi through L/H Smt. Kuldeep Kaur v. PCIT(2023) 224 TTJ 47 (UO) (Amritsar)(Trib) Jagtar Singh Kalsi v. PCIT(2023) 224 TTJ 47 (UO) (Amritsar)(Trib)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-No lack of enquiry-Survey-Income surrendered-Business income-Assessment was finalised after considering the reply of the assessee-Revision order on the basis of surrendered income to be assessed under section 68 @ 60 per.cent as per section. 115BBE is quashed and set aside. [S. 68, 115BBE, 133A, 142(1), 143(2), 143(3)]