Excess Stock-Related Income is ‘Business Income & Not Subject to Section 69B

Vijay Shriram Gundale Vs ACIT (ITAT Pune) Introduction: The Income Tax Appellate Tribunal (ITAT) in Pune recently delivered a pivotal judgment in the case of Vijay Shriram Gundale Vs ACIT. The core issue revolved around whether additional income generated from excess stock should be treated under Section 69B of the Income Tax Act. The tribunal ruled in favor of treating the excess stock income as ‘business income,’ exempting it from the provisions of Section 69B. This article delves into the case details, the tribunal’s reasoning, and its implications for taxpayers. Subheadin...