Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
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.
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