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Excess Stock Found During Survey Is Business Income, Not Deemed Income u/s 69A: Bangalore ITAT
Case Law Details
- Case Name
- Bhawarlal (HUF) Vs DCIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2019-2020
- Courts
- All ITAT, ITAT Bangalore
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Bhawarlal (HUF) Vs DCIT (ITAT Bangalore)
Bangalore ITAT: Excess Stock Found During Survey Is Business Income, Not Deemed Income u/s 69A
The Bangalore ITAT held that excess cash and excess stock found during a survey at a jewellery business cannot automatically be taxed as unexplained income under Sections 69/69A merely because they were detected during survey proceedings. Where the assessee has disclosed the amount as business income in the return and the excess stock is clearly relatable to the regular business, the income must be assessed under the head “Profits and Gains of Business or Pr...
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