https://www.taxtmi.com/caselaws?id=464623 Excess stock found during survey was treated as business stock relatable to business income, not as deemed income under section 69B of the Income-tax Act, 1961. The assessee explained the stock as unrecorded purchases awaiting entry in the books, and the first appellate authority had found that it formed part of trading stock; that finding was unrebutted and the books and audit report were not disturbed. On these facts, section 115BBE had no application because the stock could not be assessed as deemed income. The Revenue's appeal was dismissed. 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 Excess stock found during survey was treated as business stock relatable to business income, not as deemed income under section 69B of the Income-tax Act, 1961. The assessee explained the stock as unrecorded purchases awaiting entry in the books, and the first appellate authority had found that it formed part of trading stock; that finding was unrebutted and the books and audit report were not disturbed. On these facts, section 115BBE had no application because the stock could not be assessed as deemed income. The Revenue's appeal was dismissed. Case-Laws Income Tax Wed, 31 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464623