https://www.taxtmi.com/caselaws?id=446415 ITAT Raipur allowed Revenue's appeal regarding categorization of undisclosed income from excess stock found during survey u/s 133A. The assessee had surrendered undisclosed income and initially classified it as "Income from Other Sources" subject to special tax rates u/s 115BBE, but later sought reclassification as "Income from Business and Profession." CIT(A) erroneously accepted the reclassification despite the assessee failing to substantiate the source of investment in excess stock. ITAT held that since the source remained unexplained and the income arose from activities outside regular business, it should be categorized as "Income from Other Sources" and taxed at special rates under section 115BBE. en-us Thu, 17 Aug 2023 00:00:00 +0530 Mon, 04 Dec 2023 08:44:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446415 ITAT Raipur allowed Revenue's appeal regarding categorization of undisclosed income from excess stock found during survey u/s 133A. The assessee had surrendered undisclosed income and initially classified it as "Income from Other Sources" subject to special tax rates u/s 115BBE, but later sought reclassification as "Income from Business and Profession." CIT(A) erroneously accepted the reclassification despite the assessee failing to substantiate the source of investment in excess stock. ITAT held that since the source remained unexplained and the income arose from activities outside regular business, it should be categorized as "Income from Other Sources" and taxed at special rates under section 115BBE. Case-Laws Income Tax Thu, 17 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446415