Excess Stock taxable as Business Income, Not U/S 115BBE: ITAT Pune

DCIT Vs Vaishali Agro Soya Products (ITAT Pune) Income Tax Appellate Tribunal (ITAT) Pune bench has dismissed an appeal filed by the Deputy Commissioner of Income Tax (DCIT) against Vaishali Agro Soya Products. The tribunal upheld the Commissioner of Income Tax (Appeals)’s decision, ruling that the amount declared by the assessee on account of excess stock found during a survey operation should be taxed as business income at normal rates, rather than at the higher rates prescribed under Section 115BBE of the Income Tax Act, 1961. The case pertains to the assessment year 2019-20. Vaishali...