https://www.taxtmi.com/caselaws?id=448567 ITAT Chandigarh allowed the assessee's appeal regarding income surrendered during survey operations. The tribunal held that excess stock found during survey, being part of regular business inventory without independent identity, should be taxed as business income rather than deemed income under sections 69/69A. Similarly, excess cash from unrecorded sales transactions was classified as business income. The tribunal rejected additions for unexplained advances due to lack of corroborative evidence beyond the assessee's statement. Consequently, sections 69/69A and 115BBE were held inapplicable, and normal tax rates were directed instead of higher deemed income rates. en-us Fri, 01 Dec 2023 00:00:00 +0530 Wed, 31 Jan 2024 13:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448567 ITAT Chandigarh allowed the assessee's appeal regarding income surrendered during survey operations. The tribunal held that excess stock found during survey, being part of regular business inventory without independent identity, should be taxed as business income rather than deemed income under sections 69/69A. Similarly, excess cash from unrecorded sales transactions was classified as business income. The tribunal rejected additions for unexplained advances due to lack of corroborative evidence beyond the assessee's statement. Consequently, sections 69/69A and 115BBE were held inapplicable, and normal tax rates were directed instead of higher deemed income rates. Case-Laws Income Tax Fri, 01 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448567