https://www.taxtmi.com/caselaws?id=446034 ITAT Indore partially allowed the appeal regarding deemed income provisions under sections 69/69A/69B read with section 115BBE. The assessee, a 72-year-old footwear manufacturer, surrendered additional income during survey comprising excess stock, advances, and cash. The tribunal held that excess stock and advances for raw materials constituted business income taxable at normal rates, not deemed income under sections 69/69B, as they were part of the assessee's manufacturing business operations. However, excess cash found at business premises was upheld as deemed income under section 69A attracting higher tax rates under section 115BBE, since the assessee failed to prove it represented business income. en-us Fri, 25 Aug 2023 00:00:00 +0530 Thu, 23 Nov 2023 15:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446034 ITAT Indore partially allowed the appeal regarding deemed income provisions under sections 69/69A/69B read with section 115BBE. The assessee, a 72-year-old footwear manufacturer, surrendered additional income during survey comprising excess stock, advances, and cash. The tribunal held that excess stock and advances for raw materials constituted business income taxable at normal rates, not deemed income under sections 69/69B, as they were part of the assessee's manufacturing business operations. However, excess cash found at business premises was upheld as deemed income under section 69A attracting higher tax rates under section 115BBE, since the assessee failed to prove it represented business income. Case-Laws Income Tax Fri, 25 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446034