Excess stock found during a tax survey should be treated as business income

Jayshree Sarees Vs PCIT (ITAT Rajkot) The case of Jayshree Sarees Vs. PCIT (ITAT Rajkot) revolves around the appeal filed by the assessee challenging the Principal Commissioner of Income Tax’s (PCIT) order dated March 10, 2023, concerning the Assessment Year 2018-19. The assessee contested the invocation of revisionary powers under Section 263 of the Income Tax Act, claiming that the assessment order passed by the Assessing Officer (AO) was neither erroneous nor prejudicial to the revenue’s interest. The PCIT had argued that the AO failed to adequately address the applicability of ...