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Addition of unexplained investment u/s 69B unsustainable as source for excess stock plausibly explained
Case Law Details
- Case Name
- Overseas Leathers Vs DCIT (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Chennai
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Overseas Leathers Vs DCIT (ITAT Chennai)
ITAT Chennai held that when assessee has explained the source for excess stock found during the course of survey, then, income offered towards excess stock cannot be treated as unexplained investment u/s. 69B of the Act.
Facts- During the course of survey proceedings, inventory of physical stock was taken which resulted in excess physical stock of Rs. 5.08 crores. The assessee was also called upon to explain the source for excess stock found during the course of survey, for which the assessee explained that excess stock found during the...
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