https://www.taxtmi.com/caselaws?id=467407 Where excess stock surrendered on survey is indistinguishable from regular trading stock and no independent source or separate business activity is established, the amount is to be assessed as business income rather than as unexplained income under deeming provisions such as Section 69/115BBE; overlapping additions related to the same transactions or suppressed sales are inadmissible under the telescoping principle and are to be deleted to avoid double taxation. Separately, an addition based on presumed capital employed may be sustained where the assessee fails to produce cogent evidence to rebut the AO's quantification. en-us Thu, 24 Apr 2025 00:00:00 +0530 Thu, 19 Mar 2026 14:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467407 Where excess stock surrendered on survey is indistinguishable from regular trading stock and no independent source or separate business activity is established, the amount is to be assessed as business income rather than as unexplained income under deeming provisions such as Section 69/115BBE; overlapping additions related to the same transactions or suppressed sales are inadmissible under the telescoping principle and are to be deleted to avoid double taxation. Separately, an addition based on presumed capital employed may be sustained where the assessee fails to produce cogent evidence to rebut the AO's quantification. Case-Laws Income Tax Thu, 24 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467407