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Whether on the facts and circumstances of thecaseand in law, the ld. CIT(A) is justified in quashing the action of the AO u/s 154 of the Act in applying provision of section 115BBE of the IT Act on undisclosed investment of Rs. 21,00,000/- surrendered during the course of survey proceedings.

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Sec. 154 of Income Tax Act, 1961— Rectification of Mistake— Assessing officer has not invoked the provisions of section 69 at first place while passing the assessment order u/s 143(3), therefore, the provisions of section 115BBE which are contingent on satisfaction of requirements of section 69 cannot be independently applied by invoking the provisions of section 154 - Assessing Officer is not justified in taxing surrendered stock u/s 115BBE where he has already accepted it under the head business income while passing the assessment order u/s 143(3), thus, the action of Assessing officer u/s 154 is not justified. - ASSTT. CIT V/s SUDESH KUMAR GUPTA - [2020] 206 TTJ 1019 (ITAT-JAIPUR)