Investment Income from Excess Stock cannot be Taxed u/s 69 B of Income Tax Act, Must be Assessed as Business Income: ITAT [Read Order]

Investment in excess stock during the course of survey cannot be brought to tax under the deeming provisions of Section 69B of the Income Tax Act, 1961 and the same has to be assessed to tax under the head “business income”
Investment income taxation - Business income assessment - Excess stock taxation - Taxation of investment income - taxscan

The Chandigarh bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that investment income from excess stock cannot be taxed under Section 69 B of Income Tax Act, 1961 must be assessed as business income.  The facts of the case are that during the financial year relevant to impugned assessment year, the assessee…

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