https://www.taxtmi.com/caselaws?id=798681 Excess stock found during survey retains the character of business income where it matches regular trading stock, is found at business premises, and is explained as acquired from suppressed profits of the same business. Section 115BBE applies only where income is validly brought under a specified deeming provision, including section 69B. Missing purchase records establish non-disclosure but do not alone prove an independent unexplained source. Book entries recording the stock did not reduce the income surrendered, as the purchase debit formed part of closing stock, creditor entries were reversed, and the amount remained credited as taxable income. The excess stock was therefore assessable as undisclosed business income at normal rates, not as unexplained investment under section 69B. en-us Mon, 07 Sep 2026 00:00:00 +0530 Thu, 10 Sep 2026 08:51:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798681 Excess stock found during survey retains the character of business income where it matches regular trading stock, is found at business premises, and is explained as acquired from suppressed profits of the same business. Section 115BBE applies only where income is validly brought under a specified deeming provision, including section 69B. Missing purchase records establish non-disclosure but do not alone prove an independent unexplained source. Book entries recording the stock did not reduce the income surrendered, as the purchase debit formed part of closing stock, creditor entries were reversed, and the amount remained credited as taxable income. The excess stock was therefore assessable as undisclosed business income at normal rates, not as unexplained investment under section 69B. Case-Laws Income Tax Mon, 07 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798681