AO’s acceptance of excess stock as business income upheld- 115BBE not attracted

Akashdeep Cloth Centre Vs PCIT (ITAT Pune)

AO’s acceptance of excess stock as business income upheld- 115BBE not attracted- Survey surrender as business income — Pune ITAT quashes PCIT’s 263 revision

Both assessees, partnership firms engaged in cloth trading, were subjected to survey u/s 133A on 06.03.2019, during which excess cash of ₹2.04 lakh & excess stock of ₹73.21 lakh were found. They voluntarily declared total additional income of ₹75.25 lakh in their returns for A.Y. 2019-20.

AO completed assessments u/s 143(3) r.w.s. 144B on

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