Case Law Details
Yogesh Kumar Vs PCIT (ITAT Delhi)
Introduction: The Income Tax Appellate Tribunal (ITAT) Delhi delivered a significant ruling in the case of Yogesh Kumar vs. PCIT, pertaining to the assessment year 2017-18. The appeal contested the order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263 of the Income Tax Act, 1961.
Detailed Analysis:
1. Background of the Appeal: The appeal filed by the assessee challenges the PCIT’s order under Section 263 of the Income Tax Act, which sought to revise the assessment for the 2017-18 assessment year.
2. Surrendered Additional Income: During a survey operation conducted at the assessee’s business premises, an additional income of Rs. 30,00,000 was declared. The crucial issue was whether this additional income should be taxed at 60% under Section 115BBE of the Act.
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