https://www.taxtmi.com/caselaws?id=785546 Undisclosed trading stock discovered during survey (Tuver Dal) constitutes income from business and must be taxed as business income; classification as business income follows absence of evidence of other sources and admissions in post-survey enquiry. Consequently, set off of current year and brought forward business loss and claimed depreciation against the income determined is to be allowed, and imposition of the penal presumptive tax provision was not appropriate for the relevant assessment year. The taxpayers appeal against addition under the unaccounted stock provision and against charging of the penal tax provision succeeds with directions to the assessing officer accordingly. en-us Fri, 19 Dec 2025 00:00:00 +0530 Sat, 24 Jan 2026 11:04:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785546 Undisclosed trading stock discovered during survey (Tuver Dal) constitutes income from business and must be taxed as business income; classification as business income follows absence of evidence of other sources and admissions in post-survey enquiry. Consequently, set off of current year and brought forward business loss and claimed depreciation against the income determined is to be allowed, and imposition of the penal presumptive tax provision was not appropriate for the relevant assessment year. The taxpayers appeal against addition under the unaccounted stock provision and against charging of the penal tax provision succeeds with directions to the assessing officer accordingly. Case-Laws Income Tax Fri, 19 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785546