https://www.taxtmi.com/caselaws?id=766825 ITAT Chandigarh allowed the assessee's appeal regarding addition under Section 69B read with Section 115BBE. The assessee surrendered additional stock discovered during survey operations. The tribunal held that since the excess stock was regular trading stock without physical distinction from accounted inventory, it constituted business receipts rather than undisclosed investment. The difference represented value variation only, not independent undisclosed assets. Therefore, Section 69B's deeming provisions were inapplicable, and the surrendered amount should be taxed as business income at normal rates rather than under Section 115BBE's penal taxation provisions. en-us Thu, 21 Nov 2024 00:00:00 +0530 Wed, 05 Mar 2025 07:49:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766825 ITAT Chandigarh allowed the assessee's appeal regarding addition under Section 69B read with Section 115BBE. The assessee surrendered additional stock discovered during survey operations. The tribunal held that since the excess stock was regular trading stock without physical distinction from accounted inventory, it constituted business receipts rather than undisclosed investment. The difference represented value variation only, not independent undisclosed assets. Therefore, Section 69B's deeming provisions were inapplicable, and the surrendered amount should be taxed as business income at normal rates rather than under Section 115BBE's penal taxation provisions. Case-Laws Income Tax Thu, 21 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766825