9911796707
TMI Blog2025 (5) TMI 1315X X X X Extracts X X X X X X X X Extracts X X X X ..... ;) it be held that the excess stock of Rs. 52,45,600/- found during Survey, be taxed under the head "Profit and Gains from Business and Profession'. Accordingly, the addition so made by the Ld. AO by categorizing said excess stock of Rs. 52,45,600/- as unexplained u/s 68 of the Act and that upheld by Ld. CIT(A) u/s 69B of the Act be kindly deleted and the appellant be granted just and proper relief in this respect. 2. Without prejudice to above ground and on the facts and circumstances prevailing in the case and as per provisions and scheme of the Income-tax Act, 1961 ('the Act') it be held that addition made u/s 68 of the Act by Ld. AO and that upheld by Ld. CIT(A) u/s 69B of the Act is incorrect and improper. Accordingly, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed its return of income on 30.09.2019 by declaring the total income of Rs. 59,22,2801/- which includes above additional income of Rs. 52,45,600/- towards excess value of stock. In this manner, in the return filed by the assessee, the additional income of Rs. 52,45,600/- was declared as business income. 4. During the assessment proceedings, the Assessing Officer asked the assessee to explain as to why the additional income of Rs. 52,45,600/- should not be charged to tax as per the tax rates provided u/s. 115BBE of the Act. After considering the facts of the case and the submission of the appellant, the Assessing Officer held that the said additional income is taxable u/s. 68 of the Act as deemed income. Accordingly, the assessment was c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and perused the material available on record including paper-book furnished by the assessee. The only grievance raised by the counsel of the assessee is with regard to the applicability of provisions of section 115BBE of the IT Act in respect of income declared during the course of survey proceedings and offered to tax in the return of income. There is no dispute about the amount of addition to be made nor was there any dispute regarding the head of income under which the same was assessed to tax since the same income was voluntarily declared by the assessee as business income in his return of income and tax at normal rate was paid by him. The dispute is only with regard to the applicability of provisions of section 115BBE of the Act. Adm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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