https://www.taxtmi.com/caselaws?id=465673 Income surrendered during a survey on account of excess stock and excess cash was held assessable as business income where it arose from the trading activity and sale of goods forming part of regular business operations. Consequently, the lower authorities erred in treating such surrender as deemed income under s. 69 and in applying the higher rate under s. 115BBE; the addition on these components was directed to be taxed under the head "profits and gains of business or profession" at normal rates. As regards surrender based on "incriminating documents", in the absence of findings on the nature of documents and whether the receipts related to business transactions, the issue was remanded to the AO for fresh determination; the appeal was partly allowed. en-us Fri, 25 May 2018 00:00:00 +0530 Mon, 05 Jan 2026 20:18:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465673 Income surrendered during a survey on account of excess stock and excess cash was held assessable as business income where it arose from the trading activity and sale of goods forming part of regular business operations. Consequently, the lower authorities erred in treating such surrender as deemed income under s. 69 and in applying the higher rate under s. 115BBE; the addition on these components was directed to be taxed under the head "profits and gains of business or profession" at normal rates. As regards surrender based on "incriminating documents", in the absence of findings on the nature of documents and whether the receipts related to business transactions, the issue was remanded to the AO for fresh determination; the appeal was partly allowed. Case-Laws Income Tax Fri, 25 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465673