2023 (7) TMI 1596

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....is appeal by the assessee arises out of the order dated 30-11-2022 passed by the CIT (A) in National Faceless Appeal Centre, Delhi u/s. 250 of the Income-tax Act, 1961 (hereinafter also called 'the Act') in relation to the assessment year 2019-20. 2. The only issue raised herein is against the taxability of Rs. 34,36,621/- u/s. 115BBE as against regular income reported by the assessee. ....

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.... material on record. There is no appearance from the side of the assessee. However, written submissions have been filed, which have been considered. 5. The first amount is excess stock found during the course of survey, which was duly offered for taxation and also included in the return of income. This amount representing excess stock is undisclosed business income and not unexplained investmen....