Excess Stock from Survey Taxable as Business Income, Section 115BBE Inapplicable

Advertisement Nikhaar Fashions Vs ACIT (ITAT Jaipur) The appeal before the Jaipur Bench of the Income Tax Appellate Tribunal Jaipur arose from an order passed by the Commissioner of Income Tax (Appeals), Jaipur, for Assessment Year 2017–18. The assessee, a partnership firm engaged in retail trading of designer sarees, suits and lehanga chunni, was subjected to a survey under Section 133A on 9 August 2016. During the survey, physical stock was valued at ₹3.14 crore against book stock of ₹2.14 crore, resulting in excess stock of ₹1,00,10,915. The assessee voluntarily disclosed this ex...