SHRI.P.V. RAVEENDRAN,KANNUR vs. THE ITO, KANNUR

In the result, both the appeals filed by the assessee stands allowed

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

3. The learned Principal Commissioner of Income Tax ought to have found that the income declared is not liable for taxation U/s. 68 / 69 of the IT Act, 1961 4. Without prejudice to the above there is no justification to assess the income from business declared by the appellant invoking section 115BBE