https://www.taxtmi.com/caselaws?id=448019 ITAT Chennai ruled that excess stock found during survey under section 133A should be taxed as business income rather than unexplained investment under section 69B, thereby avoiding higher tax rate under section 115BBE. The assessee explained the source as business income from current/previous years and surrendered the amount. Since AO failed to dispute the business source claim and no other unexplained investments were found, the excess stock valuation difference qualified as normal business income subject to regular tax rates, not the penal provisions of section 115BBE. en-us Fri, 29 Dec 2023 00:00:00 +0530 Wed, 10 Jan 2024 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448019 ITAT Chennai ruled that excess stock found during survey under section 133A should be taxed as business income rather than unexplained investment under section 69B, thereby avoiding higher tax rate under section 115BBE. The assessee explained the source as business income from current/previous years and surrendered the amount. Since AO failed to dispute the business source claim and no other unexplained investments were found, the excess stock valuation difference qualified as normal business income subject to regular tax rates, not the penal provisions of section 115BBE. Case-Laws Income Tax Fri, 29 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448019