Deemed income u/s 69 read with section 115BBE

[GOPAL HARLALKA]

Excess stock found at the time of survey u/s 133A will be bussiness income or deemed income under section 69. Will the normal rate of tax will be applicable or tax prescribed u/s 115BBE wii be applicable

Gopal Harlalka

AI Summary

Debate on Classifying Excess Stock: Business Income or Deemed Income Under Section 69; Tax Rate Implications Examined A query was raised regarding the classification of excess stock discovered during a survey under section 133A of the Income Tax Act. The discussion focused on whether this excess stock should be treated as business income or deemed income under section 69. Additionally, there was a question about the applicable tax rate, specifically whether the normal tax rate or the rate prescribed under section 115BBE should apply.