Addition made towards excess physical stock during the survey - ...

ITAT Confirms Excess Stock as Business Income, Dismissing Revenue's Appeal on Unexplained Investment Classification.

February 22, 2024

Case Laws Income Tax AT

Addition made towards excess physical stock during the survey - unexplained investment u/s 69 taxable at rates prescribed u/s 115BBE - The ITAT concurred with the Commissioner's decision, stating that the Assessing Officer failed to rebut the assessee's valuation adjustments adequately. They agreed that the discrepancy in stock could be attributed to unrecorded sales, and upheld the Commissioner's decision to treat the addition as business income. - The ITAT dismissed the Revenue's appeal, affirming the Commissioner's order deleting the additions.

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Addition made towards excess physical stock during the survey - ...

ITAT Confirms Excess Stock as Business Income, Dismissing Revenue's Appeal on Unexplained Investment Classification.

February 22, 2024

Case Laws Income Tax AT

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