https://www.taxtmi.com/caselaws?id=311037 ITAT Raipur held that income surrendered during survey operations relating to excess stock found at business premises should be assessed as business income rather than undisclosed income from other sources. The assessee, a rice and paddy trader, accepted survey team's findings of excess stock without objection and offered it as undisclosed income. The tribunal ruled that since excess stock comprised commodities in which the assessee regularly dealt, any surrender due to mismatch between physical stock and accounting records must be taxed under business income head. The tribunal set aside lower authorities' orders and directed deletion of the addition, allowing the assessee's appeal. en-us Fri, 22 Jul 2022 00:00:00 +0530 Mon, 04 Dec 2023 21:17:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311037 ITAT Raipur held that income surrendered during survey operations relating to excess stock found at business premises should be assessed as business income rather than undisclosed income from other sources. The assessee, a rice and paddy trader, accepted survey team's findings of excess stock without objection and offered it as undisclosed income. The tribunal ruled that since excess stock comprised commodities in which the assessee regularly dealt, any surrender due to mismatch between physical stock and accounting records must be taxed under business income head. The tribunal set aside lower authorities' orders and directed deletion of the addition, allowing the assessee's appeal. Case-Laws Income Tax Fri, 22 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311037