Income offered towards Excess Stock not Unexplained Investment u/s 69B, No Income Tax levy u/s 115BBE : ITAT [Read Order]

Income - Excess - Stock - Unexplained - Investment - us - 69B - Income - Tax - levy - us - 115BBE - ITAT - TAXSCAN

The Chennai bench of Income Tax Appellate Tribunal (ITAT) has recently held that income offered towards excess stock could not be treated as unexplained investment under Section 69B of the Income Tax Act, 1961. Thus it ruled that no tax is to be levied under Section 115BBE of the Income Tax Act, 1961. Section 69B…

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