https://www.taxtmi.com/highlights?id=81410 Excess stock found during survey in assessee's business premises led to surrendered income. Assessing Officer accepted return figures but applied higher tax rate u/s 115BBE, citing lack of stock register maintenance. Following precedents, it was held that surrendered income from excess stock during survey cannot be taxed u/s 69 deeming provisions. It should be assessed as business income at normal rates. Section 115BBE is inapplicable. Assessee's appeal allowed, and income to be charged at regular tax rates. en-us Tue, 17 Sep 2024 08:37:06 +0530 Tue, 17 Sep 2024 08:37:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=81410 Excess stock found during survey in assessee's business premises led to surrendered income. Assessing Officer accepted return figures but applied higher tax rate u/s 115BBE, citing lack of stock register maintenance. Following precedents, it was held that surrendered income from excess stock during survey cannot be taxed u/s 69 deeming provisions. It should be assessed as business income at normal rates. Section 115BBE is inapplicable. Assessee's appeal allowed, and income to be charged at regular tax rates. Highlights Income Tax Tue, 17 Sep 2024 08:37:06 +0530 https://www.taxtmi.com/highlights?id=81410