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2024 (1) TMI 380 - AT - Income TaxExcess stock value of gold and silver u/s. 69B found at the time of survey - said excess stock of gold and silver are not recorded by the assessee in his books of accounts and assessee also failed to furnish any documentary evidence to substantiate the claim that the excess stock was from regular business activity and no source for purchase of excess stock, no bills/vouchers etc. were filed in support of his claim - AR submitted that section 115BBE of the Act is not attracted as the assessee explained the source of the excess stock and the income was earned from business activity only - assessee is engaged in the business of Jewellery and Pawn Broking HELD THAT:- . We observe that the Tribunal have already decided the similar matters in favour of the assessee. The decisions relied on by the ld. AR are recent decisions of the Tribunal, wherein the decision of the Hon’ble jurisdictional High Court of Madras in the case of M/s SVS Oil Mills [2019 (5) TMI 1392 - MADRAS HIGH COURT] has also been considered while disposing of the cases in favour of the assessee. It is our considered opinion that as the business of the assessee is Jewellery and Pawn Broking, the excess stock of gold and silver found during the survey operation is part and parcel of that business of the assessee. No other business is carrying on by the assessee. Accordingly, claim of the assessee has to be allowed. No application of provision of Section 115BBE of the Act on the excess stock of the assessee. Decided in favour of assessee.
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