https://www.taxtmi.com/caselaws?id=465684 The dominant issue was whether excess stock admitted during a survey under s.133A should be assessed as "unexplained investment" under s.69B attracting special rate under s.115BBE, or as business income under s.28. The ITAT held that the survey statements did not contain any admission that the amount represented "undisclosed income" or unexplained investment; rather, it was offered as additional income arising from the business. Accordingly, the amount was held assessable as profits and gains of business or profession under s.28 and not under s.69B, resulting in denial of s.115BBE taxation and dismissal of the revenue's case. en-us Thu, 24 Jul 2025 00:00:00 +0530 Mon, 05 Jan 2026 12:52:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465684 The dominant issue was whether excess stock admitted during a survey under s.133A should be assessed as "unexplained investment" under s.69B attracting special rate under s.115BBE, or as business income under s.28. The ITAT held that the survey statements did not contain any admission that the amount represented "undisclosed income" or unexplained investment; rather, it was offered as additional income arising from the business. Accordingly, the amount was held assessable as profits and gains of business or profession under s.28 and not under s.69B, resulting in denial of s.115BBE taxation and dismissal of the revenue's case. Case-Laws Income Tax Thu, 24 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465684