https://www.taxtmi.com/caselaws?id=181051 The HC dismissed the appeal, affirming the Tribunal's decision to allow deductions under s. 80-IA of the IT Act as business income for the assessee. The Court found that the excess stock was duly recorded in the books of account, negating the applicability of s. 69 regarding undisclosed investments. The rejection of the books under s. 145(3) and the application of a higher GP rate by the AO were not upheld. The HC concluded that since the income was exempt under s. 80-IA, there was no basis for the alleged concealment of stock, thus ruling in favor of the assessee. en-us Fri, 22 Aug 2008 00:00:00 +0530 Tue, 12 Dec 2023 16:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181051 The HC dismissed the appeal, affirming the Tribunal's decision to allow deductions under s. 80-IA of the IT Act as business income for the assessee. The Court found that the excess stock was duly recorded in the books of account, negating the applicability of s. 69 regarding undisclosed investments. The rejection of the books under s. 145(3) and the application of a higher GP rate by the AO were not upheld. The HC concluded that since the income was exempt under s. 80-IA, there was no basis for the alleged concealment of stock, thus ruling in favor of the assessee. Case-Laws Income Tax Fri, 22 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181051