Additional Income under excess stocks treated as ‘business income’ does not attract the provisions u/s 69B of Income Tax Act: ITAT [Read Order]

Additional Income under excess stocks treated - business income - Income Tax Act - ITAT - TAXSCAN

The Pune Bench of Income Tax Appellate Tribunal (ITAT) held that the Commissioner of Income Tax (Appeals) [CIT(A)] was not justified in confirming the order of Assessing Officer (AO) in excluding the alleged additional income offered during the course of survey as business income and attracting the provisions under Section 69B of the Income Tax…

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