Section 115BBE doesn’t apply on excess stock found during search

Brij Mohandas Devi Prasad Vs ACIT/DCIT (ITAT Indore) ITAT Indore held that excess stock was not kept separately and was part of business stock cannot be treated as deemed income u/s 69 or 69B of the Income Tax Act. Accordingly, provisions of section 115BBE of the Income Tax Act are not applicable on the surrendered income on account of excess stock found during the course of search. Facts- During survey, the statement of assessee’s partner Shri Deepak Soni were recorded wherein, he surrendered excess stock of Rs. 2,97,55,184/- and excess cash of Rs. 5,82,644/-; both aggregating to Rs. 3,03,3...