https://www.taxtmi.com/caselaws?id=464623 ITAT PUNE (AT) dismissed Revenue's appeal, holding excess stock found in survey was assessee's business stock and not deemed income under s.69B read with s.115BBE. Tribunal upheld CIT(A)'s finding that AO had accepted the return, books, and audit report and Revenue produced no evidence to rebut that the stock arose from business. Following precedent on identical facts, the tribunal concluded the excess stock cannot be taxed as deemed income and rejected Revenue's grounds of appeal. en-us Wed, 31 Jul 2024 00:00:00 +0530 Thu, 06 Nov 2025 16:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464623 ITAT PUNE (AT) dismissed Revenue's appeal, holding excess stock found in survey was assessee's business stock and not deemed income under s.69B read with s.115BBE. Tribunal upheld CIT(A)'s finding that AO had accepted the return, books, and audit report and Revenue produced no evidence to rebut that the stock arose from business. Following precedent on identical facts, the tribunal concluded the excess stock cannot be taxed as deemed income and rejected Revenue's grounds of appeal. Case-Laws Income Tax Wed, 31 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464623