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2023 (4) TMI 1207 - AT - Income TaxUnexplained investment u/s. 69B - income towards difference in stock - excess stock found during the course of survey - AO levied tax u/s. 115BBE - HELD THAT:- We are of the considered view that when the assessee has explained source for excess stock found during the course of survey, is out of income generated from current year business and explanation offered by the assessee is plausible explanation, then income offered towards excess stock cannot be treated as unexplained investment u/s. 69B of the Act, and also provisions of section 115BBE. AO and the Ld. CIT(A) without appreciating relevant facts assessed additional income offered towards excess stock as unexplained investment u/s. 69B of the Act and levied tax u/s.115BBE - We set aside the order passed by the CIT(A) and direct the AO to assess additional income offered towards excess stock found during the course of survey under the head profits and gains of business and profession as considered by the assessee. Appeal filed by the assessee is allowed.
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