Excess Stock During Survey is Business Income, Not u/s 69B- 115BBE Cannot Apply

Vishwakarma Jewellers Vs DCIT (ITAT Nagpur)

Excess Stock During Survey is Business Income, Not u/s 69B- 115BBE Cannot Apply – Tribunal Rules Survey Surrender Taxable at Normal Rates- Nagpur ITAT; Partners’ Remuneration Restored – Surrendered Income Held Business Income

Assessee, a partnership firm engaged in jewellery trading, started its business on 01.06.2016 by taking over an erstwhile proprietorship concern. A survey u/s 133A was conducted on 18.01.2017, where stock was valued at ₹13.43 crore by Government Valuer as against ₹12.60 c

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