Income Surrendered During Survey Not Taxable at 60% under Section 115BBE

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 Inco...