Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (10) TMI 194 - AT - Income TaxExcess stock found during the course of survey - Additions u/s. 69B r.w.s. 115BBE - additional income offered towards excess stock found during the course of survey - Appellant offered explanation with regard to excess stock found during the course of survey and claimed that said excess stock is on account of numerous items of physical stock carried by the assessee including old jewellery received from customers for repair and polish and also exchange and further said excess stock has been acquired out of business income generated for the impugned assessment year - HELD THAT:- As following the decision of ITAT, Chennai Benches in the case of M/s. Mookambika Impex [2023 (7) TMI 1159 - ITAT CHENNAI] we are of the considered view that the additional income offered towards excess stock found during the course of survey is assessable under the head income from business as claimed by the assessee, but not income assessable u/s. 69B of the Act, as assessed by the Assessing Officer. Thus, we set aside the order of the CIT(A) and direct the Assessing Officer to assess income towards excess stock under the head income from business as declared by the assessee. Decided in favour of assessee.
|