Case Law Details
Case Name : Brij Mohandas Devi Prasad Vs ACIT/DCIT (ITAT Indore)
Related Assessment Year : 2018-19
Courts :
All ITAT ITAT Indore
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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
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