Excess Stock & Cash related to business taxable as business income

Shri Lovish Singhal Vs ITO (ITAT Jodhpur) Facts:- Survey u/s 133A was carried out at the assessee’s premises on 09.01.2014. During the survey, assessee offered INR 10,90,000 for taxation on account of discrepancy in stock, incriminating documents and excess cash. Assessee filed the income tax return for AY 2014-15 declaring INR 10,15,000 as total income. During the assessment proceeding, AO observed that income of INR 10,90,000 was included as business income, however, tax was calculated at normal rate instead of 30% as per provisions of section 115BBE and AO issued notice for the same. Asse...