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TMI Blog2023 (7) TMI 1498X X X X Extracts X X X X X X X X Extracts X X X X ..... was offered to tax by crediting the same amount to the Profit Loss Account. Thus, the income was offered to tax under the head Income from business , the AO also assessed the same under the head Income from business . Therefore, the presumption is to be drawn that the additional income was derived from the business. Thus, it cannot be said that the source for the additional income remain unexplained and, therefore, the provisions of section 115BBE have no application to the present case. The ratio of the decision of Bajargan Traders [ 2017 (11) TMI 388 - RAJASTHAN HIGH COURT ] is squarely applicable to the facts of the present case. The reliance placed by the ld. CIT (A) on the decision of M/s. SVS Oils Mills [ 2019 (5) TMI 1392 - MADRAS HI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 at the business premises of the assessee. During the course of such survey operations, on physical verification of the stock, the value of stock-in-trade was found of Rs. 1,65,87,189/- as against the value shown in the Trading Account of Rs. 1,83,75,152/-. The difference in the value of stock in the form of deficit of stock of Rs. 17,87,963/- was agreed to offer to tax and the same was offered to tax by crediting the said sum to the Trading Account. Similarly, it was found that the assessee had incurred expenditure in construction of the property i.e. Pande Square of Rs. 32,58,608/-, the source of same was not explained and it was agreed to offer to tax. In the return of income, the appellant had offered this income by crediting the same ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... during the course of survey proceedings and offered to tax in the return of income. There is no dispute about the amount of addition to be made nor was there any dispute regarding the head of income under which the same was assessed to tax. The dispute is only with regard to the applicability of provisions of section 115BBE of the Act. Admittedly, the income offered during the course of survey proceedings was credited to Profit Loss Account and the additional income offered on account of deficit in the physical stock was credited to Trading Account. The income offered on account of alleged expenditure incurred on construction of the commercial building was offered to tax by crediting the same amount to the Profit Loss Account. Thus, the in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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