https://www.taxtmi.com/caselaws?id=768941 The ITAT Ahmedabad ruled in favor of the assessee regarding addition of undisclosed income under Section 69C read with Section 115BBE. The tribunal found that excess stocks discovered during survey were from purchases properly recorded in books with supporting bills, thus no unexplained investment existed. Section 69C was held inapplicable as there was no unexplained expenditure. The tribunal also ruled that amended Section 115BBE provisions (60% tax rate) were not applicable since the survey occurred on 29-09-2016, before the amendment's effective date. The PCIT's revision order was quashed. en-us Thu, 03 Apr 2025 00:00:00 +0530 Wed, 16 Apr 2025 08:38:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768941 The ITAT Ahmedabad ruled in favor of the assessee regarding addition of undisclosed income under Section 69C read with Section 115BBE. The tribunal found that excess stocks discovered during survey were from purchases properly recorded in books with supporting bills, thus no unexplained investment existed. Section 69C was held inapplicable as there was no unexplained expenditure. The tribunal also ruled that amended Section 115BBE provisions (60% tax rate) were not applicable since the survey occurred on 29-09-2016, before the amendment's effective date. The PCIT's revision order was quashed. Case-Laws Income Tax Thu, 03 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768941