Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Applicability of section 115bbe

Sonam Khandelwal (Chartered Accountant) (29 Points)

15 June 2018

An assessment of the client has been done as a protective assessment by AO, he has made an addition U/s 68 & 69.

Now AO wants to rectify his order U/s 154 by applying section 115BBE on unexplained money instead of section 68/69.

The matter is in Appeal, but decision has not been made is this rectification possible.

Reply
Follow
Share

1 Replies

Dilip Kumar Jana (74 Points)
Replied 15 June 2018

I think 'no'. Even PCIT cannot exercise revisionery powers u/s 263 since the issue is disputed in appeal. However, AO may bring to the notice of the CIT(A) the matter of applicability of section 115BBE in respect addition made u/s 68 & 69 for consideration since the powers of CIT(A) are co-terminus with that of AO.