https://www.taxtmi.com/caselaws?id=752584 ITAT Chandigarh ruled in favor of the assessee regarding addition under section 69B read with section 115BBE. During survey, authorities found stock discrepancies and the assessee surrendered excess stock amount. The tribunal held that excess stock had no independent identity and was part of total stock, constituting undeclared business income rather than unexplained investment. Following precedent, the tribunal determined section 69B provisions were inapplicable since excess stock couldn't be correlated with specific undisclosed assets. The income was assessable as business income at normal tax rates, not under section 115BBE's penal provisions. en-us Thu, 15 Feb 2024 00:00:00 +0530 Mon, 13 May 2024 15:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752584 ITAT Chandigarh ruled in favor of the assessee regarding addition under section 69B read with section 115BBE. During survey, authorities found stock discrepancies and the assessee surrendered excess stock amount. The tribunal held that excess stock had no independent identity and was part of total stock, constituting undeclared business income rather than unexplained investment. Following precedent, the tribunal determined section 69B provisions were inapplicable since excess stock couldn't be correlated with specific undisclosed assets. The income was assessable as business income at normal tax rates, not under section 115BBE's penal provisions. Case-Laws Income Tax Thu, 15 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752584