Excess Stock in Survey = Business Income, Not 115BBE Hit – ITAT Pune Draws Clear Line

ITO Vs Deepak Baburao Vispute (ITAT Pune) Excess Stock in Survey = Business Income, Not 115BBE Hit – ITAT Pune Draws Clear Line Pune ITAT held that excess stock found during survey u/s 133A, when linked to regular business, must be taxed as business income and not as unexplained investment u/s 69B r.w.s. 115BBE. During survey, excess stock of ₹4.42 crore (gold/silver/diamond) was detected and admitted by the assessee. The AO treated it as unexplained investment and taxed it under section 115BBE, alleging lack of proper source explanation. However, the assessee had already recorded the same...