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2011 (8) TMI 611 - HC - Income TaxSurvey - inventory prepared showing excess stock of 88,918 - surrendered income can be deemed income under 69B - Can it be treated as business income - Held That:- The Income-tax Appellate Tribunal found that the surrendered income was on account of undisclosed investment the assessee was not able to explain the source of investment in the excess stock. It was held that this was not a business income as it was not taken directly to the computation of income but in the trading account or the profit and loss account only.
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