https://www.taxtmi.com/caselaws?id=458974 ITAT PUNE held that provisions of section 115BBE do not apply to excess stock found during survey proceedings. The assessee declared additional income from unrecorded purchases, which was credited to Trading Account and assessed under "Income from business" head. Following precedent in Ashok Kumar Kesherchand Pande, the tribunal ruled that since income was derived from business operations and properly explained through survey statement, it cannot be treated as unexplained income. The CIT(A)'s decision reversing the Assessing Officer's application of section 115BBE was upheld. Appeal decided in favor of assessee. en-us Wed, 11 Sep 2024 00:00:00 +0530 Thu, 21 Nov 2024 13:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458974 ITAT PUNE held that provisions of section 115BBE do not apply to excess stock found during survey proceedings. The assessee declared additional income from unrecorded purchases, which was credited to Trading Account and assessed under "Income from business" head. Following precedent in Ashok Kumar Kesherchand Pande, the tribunal ruled that since income was derived from business operations and properly explained through survey statement, it cannot be treated as unexplained income. The CIT(A)'s decision reversing the Assessing Officer's application of section 115BBE was upheld. Appeal decided in favor of assessee. Case-Laws Income Tax Wed, 11 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458974