Treatment to income surrendered during survey on account of ...

Excess stock surrendered during a survey is classified as business income, not unexplained stock, under tax regulations.

November 28, 2023

Case Laws Income Tax AT

Treatment to income surrendered during survey on account of excess stock - business income or unexplained stock u/s 69B r.w.s.115BBE - the value of article/stock of the impugned investment was being fully disclosed in the books of account, being regularized by way of surrender of business income as accepted by the AO, would certainly not fall in the mischief of section 69B. - AT

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Treatment to income surrendered during survey on account of ...

Excess stock surrendered during a survey is classified as business income, not unexplained stock, under tax regulations.

November 28, 2023

Case Laws Income Tax AT

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