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Unrecorded stock of rice noticed during survey is Business Income
Case Law Details
- Case Name
- Pr. CIT Vs Bajargan Traders C/o. Kalani & Co. (Rajasthan High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Rajasthan High Court
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Pr. CIT Vs Bajargan Traders C/o. Kalani & Co. (Rajasthan High Court)
Whether the amount surrendered by way of investment in the unrecorded stock of rice has to be brought to tax under the head ‘business income’ or ‘income from other sources‘. In the present case, the assessee is dealing in sale of foodgrains, rice and oil seeds, and the excess stock which has been found during the course of survey is stock of rice. Therefore, the investment in procurement of such stock of rice is clearly identifiable and related to the regular business stock of the ...
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