Unrecorded Stock can’t be added U/S 69B if found connected with business of assessee

Montu Shallu Knitwears Vs DCIT (ITAT Chandigarh) Recently the B Bench Of Chandigarh Income Tax Appellate Tribunal passed an judgement in the above case examining the applicability of Sec 69B r.w.s 115BBE. The central point of discussion was whether AO was right in applying the provisions of Sec 69B r.w.s 115BBE upon the excess value of stock found at the assessee’s premises during a survey conducted u/s 133A. Issue:- Assessee is a partnership firm engaged in the business of manufacturing of wearing apparels. Apart from the said business, the assessee does not own or operate any other bu...