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of <h1>ITAT Chennai rules surplus stock from tax survey as 'Business Income', impacting tax rates for jewelry firm.</h1> The Income Tax Appellate Tribunal (ITAT) in Chennai ruled on a case concerning the classification of surplus stock found during a tax survey of a firm dealing in gold jewelry and silver articles. The primary legal issue was whether this surplus should be treated as 'Business Income' or 'Income from Other Sources', impacting the applicable tax rate. The tribunal sided with the appellant, determining that the surplus stock was part of regular business activities and should be classified as 'Business Income'. This decision was based on factors such as proper accounting in business books and alignment with judicial precedents.
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