Excess income declared during survey proceedings treated as business income

Rajasthan Stone Industries Vs ITO (ITAT Pune)

ITAT Pune held that the excess income declared during the course of survey proceedings cannot be treated as unexplained income, but, the same is treated as business income.

Facts- The assessee-appellant is a partnership firm engaged in the business of cutting, polishing of various types of stones. The assessment was completed by AO vide order passed u/s.143(3) of the Act. Subsequently, the said assessment was set aside by the l

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