https://www.taxtmi.com/caselaws?id=758607 The ITAT Amritsar allowed the assessee's appeal regarding excess stock found during survey. The AO had accepted the surrendered income amount but applied higher tax rates under section 115BBE, treating it as unexplained income under section 69 due to absence of daily stock registers. The ITAT held that excess stock surrendered during survey constitutes business income, not unexplained income under section 69. Following precedents from Rajasthan HC and ITAT Chandigarh, the tribunal ruled that section 115BBE provisions don't apply, and the income should be taxed at normal rates under business income head. en-us Mon, 08 Jul 2024 00:00:00 +0530 Sat, 14 Sep 2024 10:49:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758607 The ITAT Amritsar allowed the assessee's appeal regarding excess stock found during survey. The AO had accepted the surrendered income amount but applied higher tax rates under section 115BBE, treating it as unexplained income under section 69 due to absence of daily stock registers. The ITAT held that excess stock surrendered during survey constitutes business income, not unexplained income under section 69. Following precedents from Rajasthan HC and ITAT Chandigarh, the tribunal ruled that section 115BBE provisions don't apply, and the income should be taxed at normal rates under business income head. Case-Laws Income Tax Mon, 08 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758607