https://www.taxtmi.com/caselaws?id=464389 ITAT held that excess stock detected in a section 133A survey must be treated as business income under section 28, not as unexplained investment under sections 69/115BBE, where no evidence showed funds were expended for that stock. The AO was directed to compute tax as normal business income. The tribunal noted survey statements under s.133A are important but not conclusive; the assessee bears the burden to prove any admission was incorrect. The survey's purpose is verification of business affairs and does not authorize reclassification of income to another head. en-us Thu, 21 Nov 2024 00:00:00 +0530 Mon, 27 Oct 2025 17:10:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464389 ITAT held that excess stock detected in a section 133A survey must be treated as business income under section 28, not as unexplained investment under sections 69/115BBE, where no evidence showed funds were expended for that stock. The AO was directed to compute tax as normal business income. The tribunal noted survey statements under s.133A are important but not conclusive; the assessee bears the burden to prove any admission was incorrect. The survey's purpose is verification of business affairs and does not authorize reclassification of income to another head. Case-Laws Income Tax Thu, 21 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464389