https://www.taxtmi.com/caselaws?id=313694 ITAT CHANDIGARH allowed the appeal, holding that amounts and stock revealed in survey proceedings were attributable to the assessee's business and rightly offered as business income, not unexplained investment under ss.69A/69B. The AO erred in mechanically invoking deeming provisions without adequately considering the partner's statement and documentary findings of the survey team. The excess items formed part of business stock with no independent identity, so deeming provisions (and s.115BBE) did not apply. The surrendered income was to be assessed as business income. en-us Tue, 23 Jan 2024 00:00:00 +0530 Fri, 14 Nov 2025 16:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313694 ITAT CHANDIGARH allowed the appeal, holding that amounts and stock revealed in survey proceedings were attributable to the assessee's business and rightly offered as business income, not unexplained investment under ss.69A/69B. The AO erred in mechanically invoking deeming provisions without adequately considering the partner's statement and documentary findings of the survey team. The excess items formed part of business stock with no independent identity, so deeming provisions (and s.115BBE) did not apply. The surrendered income was to be assessed as business income. Case-Laws Income Tax Tue, 23 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313694