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| The Tax Publishers2020 TaxPub(DT) 3160 (Gau-Trib) : (2020) 183 ITD 0711 : (2020) 207 TTJ 1109 INCOME TAX ACT, 1961
Section 263
AO in his assessment order had treated undisclosed amount in bank account as undisclosed business receipts/turnover and, therefore, question of application of section 115BBE did not apply to assessee and, therefore, assessment order could not be held to be erroneous and prejudicial to the interest of revenue on account of non-invocation of section 115BBE.
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Revision under section 263 - Erroneous and prejudicial order - Non-application of section 115BBE to undisclosed amount in bank account treated as undisclosed business receipts/turnover -
Pr.CIT held assessment order as erroneous and prejudicial to the interest of revenue on the ground that a very low rate of net profit was considered by AO on undisclosed business turnover of assessee and undisclosed income and amount so added by AO to the total income of assessee, should have been treated and taxed as per section 115BBE. Held: AO in his assessment order had treated undisclosed amount in bank account as undisclosed business receipts/turnover and, therefore, question of application of section 115BBE did not apply to assessee and, therefore, assessment order could not be held to be erroneous and prejudicial to the interest of revenue.
REFERRED : Gee Vee Enterprises v. Addl. CIT (1975) 99 ITR 375 (Del) : 1975 TaxPub(DT) 0267 (Del-HC), ACIT Central Circle-13, Mumbai v. M/s. Rahil Agencies 2017 TaxPub(DT) 0379 (Mum-Trib)
FAVOUR : In assessee's favour.
A.Y. : 2014-15
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