https://www.taxtmi.com/caselaws?id=447981 ITAT Chennai held that excess gold and silver stock found during survey operations in a jewelry and pawn broking business constitutes regular business inventory, not unexplained investment under Section 69B. Despite the assessee's failure to provide documentary evidence or bills for the excess stock, the Tribunal ruled that such stock is integral to jewelry and pawn broking operations. Following precedent from Madras HC in SVS Oil Mills case and similar Tribunal decisions, Section 115BBE provisions were deemed inapplicable. The assessment was decided in favor of the assessee. en-us Tue, 31 Oct 2023 00:00:00 +0530 Tue, 09 Jan 2024 09:38:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447981 ITAT Chennai held that excess gold and silver stock found during survey operations in a jewelry and pawn broking business constitutes regular business inventory, not unexplained investment under Section 69B. Despite the assessee's failure to provide documentary evidence or bills for the excess stock, the Tribunal ruled that such stock is integral to jewelry and pawn broking operations. Following precedent from Madras HC in SVS Oil Mills case and similar Tribunal decisions, Section 115BBE provisions were deemed inapplicable. The assessment was decided in favor of the assessee. Case-Laws Income Tax Tue, 31 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447981