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2023 (2) TMI 694 - ITAT BANGALOREAddition u/s 69B - Tax levied u/s. 115BBE - excess gold and silver jewellery stock found at the business premises - whether Excess stock found in the business premises of the assessee during Survey is Business Income or Income from other sources u/s. 69A r.w.s. 115BBE - HELD THAT:- As decided SHRI SURESH VASUDEV VERNEKAR [2023 (2) TMI 598 - ITAT BANGALORE] relying on M/S CHOKSHI HIRALAL MAGANLAL case [2011 (8) TMI 1341 - ITAT AHMEDABAD] 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, the ld. 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. - Decided in favour of assessee.
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