https://www.taxtmi.com/caselaws?id=782293 ITAT held that excess stock found during survey formed part of regular business stock and had no independent identity as an undisclosed asset. Consequently, the difference in stock could not be treated as unexplained investment under s.69B but was to be assessed as undeclared business income. In the absence of a valid deeming provision, s.115BBE was held inapplicable. The surrendered amount was directed to be treated as business income and to form part of book profit for purposes of s.40(b). The artificial bifurcation adopted by CIT(A) was rejected, and the assessee's appeal was allowed in full. en-us Mon, 22 Sep 2025 00:00:00 +0530 Mon, 24 Nov 2025 18:24:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782293 ITAT held that excess stock found during survey formed part of regular business stock and had no independent identity as an undisclosed asset. Consequently, the difference in stock could not be treated as unexplained investment under s.69B but was to be assessed as undeclared business income. In the absence of a valid deeming provision, s.115BBE was held inapplicable. The surrendered amount was directed to be treated as business income and to form part of book profit for purposes of s.40(b). The artificial bifurcation adopted by CIT(A) was rejected, and the assessee's appeal was allowed in full. Case-Laws Income Tax Mon, 22 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782293