Amount/Stock disclosed during survey is part of book profit for section 40(b)

Jadhav Kangralkar Builders Vs ACIT (ITAT Pune) We find that there is no dispute regarding the business of assessee and earning Rs.200/- extra over and above regular income for selling 37,752 sq. ft. in Aayodhya Nagari project. From the day one i.e. from date of survey as discussed above, the assessee was contended the amount disclosed during the course of survey as additional income is part and parcel of its regular trading receipts and cannot be deemed as unaccounted money u/s. 69 of the Act. We note that the assessee incurred expenditure of Rs.80,00,000/- on account of partners salary which ...