ITAT Supports AO in Treating Excess Stock as Business Income; Rejects CIT's Revision Order Due to Lack of Grounds. https://www.taxtmi.com/highlights?id=84814 ITAT quashed CIT's revision order holding AO's assessment order treating excess stock disclosed in survey as business income not erroneous. AO made enquiries regarding stock valuation, discrepancy during assessment proceedings. Assessee explained causes for excess stock pertaining to business. No addition u/s 115BBE warranted as AO adopted a plausible view based on enquiry. Lack of jurisdictional condition for revision when AO's view sustainable. en-us Mon, 13 Jan 2025 08:40:06 +0530 Mon, 13 Jan 2025 08:40:06 +0530 TaxTMI RSS Generator ITAT Supports AO in Treating Excess Stock as Business Income; Rejects CIT's Revision Order Due to Lack of Grounds. https://www.taxtmi.com/highlights?id=84814 ITAT quashed CIT's revision order holding AO's assessment order treating excess stock disclosed in survey as business income not erroneous. AO made enquiries regarding stock valuation, discrepancy during assessment proceedings. Assessee explained causes for excess stock pertaining to business. No addition u/s 115BBE warranted as AO adopted a plausible view based on enquiry. Lack of jurisdictional condition for revision when AO's view sustainable. Highlights Income Tax Mon, 13 Jan 2025 08:40:06 +0530 https://www.taxtmi.com/highlights?id=84814