https://www.taxtmi.com/caselaws?id=437181 ITAT held that excess stock found during survey, for which the assessee plausibly explained the current-year business source, cannot be treated as unexplained investment under s.69B or taxed under s.115BBE. The AO and CIT(A) erred in classifying additional income as unexplained investment and invoking s.115BBE. The tribunal set aside the CIT(A) order and directed the AO to assess the additional income as business profits and gains, allowing the assessee's appeal. en-us Wed, 05 Apr 2023 00:00:00 +0530 Tue, 02 Sep 2025 15:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437181 ITAT held that excess stock found during survey, for which the assessee plausibly explained the current-year business source, cannot be treated as unexplained investment under s.69B or taxed under s.115BBE. The AO and CIT(A) erred in classifying additional income as unexplained investment and invoking s.115BBE. The tribunal set aside the CIT(A) order and directed the AO to assess the additional income as business profits and gains, allowing the assessee's appeal. Case-Laws Income Tax Wed, 05 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437181