https://www.taxtmi.com/caselaws?id=202913 Excess stock discovered in a survey that is mixed with declared inventory lacks separate identifiability and therefore cannot attract the separately identifiable asset test; consequently the investment in such excess stock is to be classified as profits and gains of business rather than deemed income, with resultant entitlement to increased partner remuneration under applicable partnership deduction principles. Ambiguity concerning alleged cash creditswhether they are advances made by the assessee or loans taken by the assesseeremains unresolved; the matter is remitted to the assessing officer for factual determination and fresh decision after affording the assessee an opportunity of being heard. en-us Fri, 21 Jan 2011 00:00:00 +0530 Mon, 19 Jan 2026 15:30:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202913 Excess stock discovered in a survey that is mixed with declared inventory lacks separate identifiability and therefore cannot attract the separately identifiable asset test; consequently the investment in such excess stock is to be classified as profits and gains of business rather than deemed income, with resultant entitlement to increased partner remuneration under applicable partnership deduction principles. Ambiguity concerning alleged cash creditswhether they are advances made by the assessee or loans taken by the assesseeremains unresolved; the matter is remitted to the assessing officer for factual determination and fresh decision after affording the assessee an opportunity of being heard. Case-Laws Income Tax Fri, 21 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202913