Excess stock found during survey cannot be treated as deemed income u/s. 69B

Bunty Kumar Vs ACIT (ITAT Amritsar)

ITAT Amritsar held that excess stock found during the survey only be treated as income under the head business income and not as deemed income under section 69B of the Income Tax Act.

Facts- The present appeal is filed by the assessee against the order of the CIT(A) for Assessment Year: 2018-2019 challenging therein confirmation of the treatment of income amount to Rs.18,85,319/- out of total surrendered income of Rs. 40 lacs on account

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