https://www.taxtmi.com/article/detailed?id=12310 If an assessee demonstrates that surplus stock discovered during survey represents suppressed business receipts accrued over prior years, that explanation must be recognised and the surplus treated as business income; a special high-tax regime cannot be invoked where the amount is shown to derive from continuing business operations. Separately, stock that is not severable from the regular inventory lacks independent identity for asset-specific treatment, and the department must enquire into alternate sources if it seeks to refute the taxpayer's explanation. en-us Sat, 10 Feb 2024 10:27:40 +0530 Sat, 10 Feb 2024 10:27:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12310 If an assessee demonstrates that surplus stock discovered during survey represents suppressed business receipts accrued over prior years, that explanation must be recognised and the surplus treated as business income; a special high-tax regime cannot be invoked where the amount is shown to derive from continuing business operations. Separately, stock that is not severable from the regular inventory lacks independent identity for asset-specific treatment, and the department must enquire into alternate sources if it seeks to refute the taxpayer's explanation. Articles Income Tax Sat, 10 Feb 2024 10:27:40 +0530 https://www.taxtmi.com/article/detailed?id=12310