Chennai ITAT Quashes Section 263 Revision on Excess Stock Taxation

Suba Valli Vilas Vs PCIT (ITAT Chennai) Chennai ITAT Quashes Section 263 Revision: PCIT Cannot Invoke Revision Merely to Tax Excess Stock Under Section 69B Instead of Business Income The Chennai ITAT quashed the revision order passed under Section 263, holding that where the Assessing Officer had already conducted detailed enquiries regarding excess stock detected during search, the PCIT could not invoke revision merely because he preferred taxation under Section 69B read with Section 115BBE instead of treating the amount as business income. The assessee, a jewellery concern, was subjected to ...