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2023 (2) TMI 598 - AT - Income TaxAddition u/s. 69B - difference of stock is the nature of business - undisclosed stock was generated from the business income - Tax levied u/s. 115BBE - AO had assessed by taking the stock as an income from other sources and addition was made u/s. 69B - HELD THAT:- Assessee has confirmed the identity of investment in the difference of stock which was generated from business income. During the assessment and in appeal, both the revenue authorities had not been able to bring any such contrary findings against the assessee that the source of investment on undisclosed stock which was not from business income. In the recorded statement, the assessee had declared that the undisclosed stock was generated from the business income. After that the revenue had not made any queries to prove that the said investment is in nature other than business. Only on the basis of the legal view, the identity of the items cannot be changed. In referred case, DR is trying to prove that the investment in jewellery was out of income from other sources. But the assessee is the trader of jewellery and nature of investment was out of income generated from business. No contrary judgment was placed by the ld. DR against the submission of assessee. We fully rely on the orders of Ragavs Diagnostic & Research Centre Pvt. Ltd. [2022 (9) TMI 584 - ITAT BANGALORE] Accordingly, the application of 69B on the assessee is not warranted. So, the tax levied by the revenue on the assessee u/s. 115BBE is liable to be rejected. We order accordingly.
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