https://www.taxtmi.com/caselaws?id=751927 ITAT Rajkot held that excess stock found during survey and admitted as undisclosed business income by the main partner should be treated as business income, not unexplained investment under sections 69/69A/69B. The tribunal found that since the excess stock was mixed and not separately identifiable, and emerged from business operations, it should be presumed as business income. The AO's order treating it as business income was not erroneous or prejudicial to revenue interests. The assessee's appeal was allowed. en-us Wed, 24 Apr 2024 00:00:00 +0530 Tue, 30 Apr 2024 10:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751927 ITAT Rajkot held that excess stock found during survey and admitted as undisclosed business income by the main partner should be treated as business income, not unexplained investment under sections 69/69A/69B. The tribunal found that since the excess stock was mixed and not separately identifiable, and emerged from business operations, it should be presumed as business income. The AO's order treating it as business income was not erroneous or prejudicial to revenue interests. The assessee's appeal was allowed. Case-Laws Income Tax Wed, 24 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751927