https://www.taxtmi.com/caselaws?id=752586 ITAT Chandigarh allowed the assessee's appeal against additions under sections 68/69A/69B taxed at special rates under section 115BBE. The tribunal held that surrendered income during survey regarding excess stock, building costs, and section 40A(3) violations should be treated as business income, not unexplained investments. The court found no independent identity for unaccounted stock as it related to regular business operations. Since deeming provisions were improperly invoked without satisfying statutory conditions, the surrendered amounts must be taxed at normal business income rates rather than special rates under section 115BBE. en-us Wed, 21 Feb 2024 00:00:00 +0530 Tue, 14 May 2024 06:53:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752586 ITAT Chandigarh allowed the assessee's appeal against additions under sections 68/69A/69B taxed at special rates under section 115BBE. The tribunal held that surrendered income during survey regarding excess stock, building costs, and section 40A(3) violations should be treated as business income, not unexplained investments. The court found no independent identity for unaccounted stock as it related to regular business operations. Since deeming provisions were improperly invoked without satisfying statutory conditions, the surrendered amounts must be taxed at normal business income rates rather than special rates under section 115BBE. Case-Laws Income Tax Wed, 21 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752586