https://www.taxtmi.com/caselaws?id=449369 The ITAT Indore held that additional income offered by the assessee on account of excess stock found during survey constitutes business income, not income from other sources under section 115BBE. The tribunal found that excess stock was part of total business stock at assessee's premises and was accepted as unaccounted business income with source disclosed during search. No incriminating material was found, making it not undisclosed income. The excess stock cannot be treated as deemed income under sections 69 or 69B when it forms part of assessee's entire stock inventory. Appeal decided in favor of assessee. en-us Tue, 19 Dec 2023 00:00:00 +0530 Fri, 09 Feb 2024 18:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449369 The ITAT Indore held that additional income offered by the assessee on account of excess stock found during survey constitutes business income, not income from other sources under section 115BBE. The tribunal found that excess stock was part of total business stock at assessee's premises and was accepted as unaccounted business income with source disclosed during search. No incriminating material was found, making it not undisclosed income. The excess stock cannot be treated as deemed income under sections 69 or 69B when it forms part of assessee's entire stock inventory. Appeal decided in favor of assessee. Case-Laws Income Tax Tue, 19 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449369