Section 263 Invoked Validly if AO Failed to Apply 115BBE on Surrendered Stock: ITAT Jaipur

Rajeev Jain Vs PCIT (Central) (ITAT Jaipur) ITAT Jaipur Upholds Section 263 Revision: Undisclosed Stock Taxable under Section 115BBE as Unexplained Income, Not Normal Business Profit This summary details the Income Tax Appellate Tribunal (ITAT), Jaipur Bench’s decision in the case of Rajeev Jain Vs PCIT (Central) concerning the revisional jurisdiction of the Principal Commissioner of Income Tax (PCIT) to subject undisclosed income to a higher tax rate. The central issue was whether the value of excess stock found during a survey should be treated as normal business income or as “un...