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2022 (1) TMI 683 - AT - Income TaxUnexplained investment u/s 69 - stock was not recorded in the books of account of the assessee and acquired out of unaccounted income - admission of undisclosed income - whether the provision of section 115BBE of the Act are applicable on the surrendered income? - HELD THAT:- CIT(A) on examination of the fact, settled judicial precedence, also appreciating that the alleged income is business income earned by the assessee during the normal course of its business and was part of the total business stock available at the business premises and also observing that provisions of section 115BBE of the Act are applicable from 01.04.2017 and are thus not applicable on the case of assessee as the search was carried out on 15.12.2016 CIT(A) find that the alleged excess stock was not kept separately at any other place and was part of the total business Stock found at the assessee’s business premises are sufficient enough to indicate that the alleged investment in excess stock is part of the business income we also find that alleged excess stock was duly accepted by assessee as part of unaccounted business and source thereof stated during the course of search itself and no other incriminating material was found during search proceedings and therefore is not an undisclosed income as held by the ld. AO. We, therefore, find no infirmity in the finding of Ld. CIT(A) rightly holding that the provision of section 115BBE of the Act are not applicable on the surrendered income on account of excess stock valuing found during the course of search - Decided in favour of assessee.
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