Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Excess stock found during survey in assessee's business premises led to surrendered income. Assessing Officer accepted return figures but applied higher tax rate u/s 115BBE, citing lack of stock register maintenance. Following precedents, it was held that surrendered income from excess stock during survey cannot be taxed u/s 69 deeming provisions. It should be assessed as business income at normal rates. Section 115BBE is inapplicable. Assessee's appeal allowed, and income to be charged at regular tax rates.
Excess stock found during survey in assessee's business premises led to surrendered income. Assessing Officer accepted return figures but applied higher tax rate u/s 115BBE, citing lack of stock register maintenance. Following precedents, it was held that surrendered income from excess stock during survey cannot be taxed u/s 69 deeming provisions. It should be assessed as business income at normal rates. Section 115BBE is inapplicable. Assessee's appeal allowed, and income to be charged at regular tax rates.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
