ITAT Deletes Section 69B Addition as Excess Stock Was Recorded as Business Income

Prakash Chand Harish Kumar Vs ACIT (ITAT Chennai) The Income Tax Appellate Tribunal (ITAT), Chennai, allowed the appeals filed by two assessees for Assessment Year 2020-21, holding that the value of excess stock found during a survey could not be assessed as unexplained investment under Section 69B of the Income Tax Act where the assessees had explained the source of such stock as arising from their jewellery business and had accounted for it in their books. Both assessees were engaged in the business of trading in gold and silver. A survey under Section 133A of the Act was conducted at their ...