Excess Stock Discovered in Survey by Tax Authorities Treated as Regular Business Income, Not Deemed Income u/s 69B of IT Act as fully disclosed in Books; Section 115BBE Inapplicable: ITAT [Read Order]

Excess Stock Discovered in Survey by Tax Authorities - Excess Stock - Business Income - IT Act - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT), Amritsar Bench has held that excess stock discovered during the survey by tax authorities should be treated as regular business income of the assessee and not deemed income under Section 69B of the Income Tax Act, 1961 as long as it pertains to the regular business activities of the…

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