https://www.taxtmi.com/caselaws?id=361082 Whether income surrendered during survey was taxable as business income or deemed income u/s 69 attracting s.115BBE was the dominant issue. Relying on HC precedent holding that excess stock and excess cash arising from sale of traded goods are assessable under the head "profits and gains of business or profession", the ITAT held that additions for surrender relating to excess stock and excess cash could not be brought to tax u/s 69 and consequently could not be subjected to s.115BBE; those additions were directed to be treated as business income. For surrender based on incriminating documents, the ITAT found absence of findings on their nexus with business transactions; the matter was remanded to the AO for fresh determination. en-us Fri, 25 May 2018 00:00:00 +0530 Sat, 03 Jan 2026 10:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361082 Whether income surrendered during survey was taxable as business income or deemed income u/s 69 attracting s.115BBE was the dominant issue. Relying on HC precedent holding that excess stock and excess cash arising from sale of traded goods are assessable under the head "profits and gains of business or profession", the ITAT held that additions for surrender relating to excess stock and excess cash could not be brought to tax u/s 69 and consequently could not be subjected to s.115BBE; those additions were directed to be treated as business income. For surrender based on incriminating documents, the ITAT found absence of findings on their nexus with business transactions; the matter was remanded to the AO for fresh determination. Case-Laws Income Tax Fri, 25 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361082