Section 69/69A/115BBE not applies to duly explained Excess Stock: ITAT Indore

Naresh Chandra Kalwani Vs PCIT (ITAT Indore) The Naresh Chandra Kalwani Vs PCIT case revolves around the assessment of excess stock related to business activities and the applicability of section 69/69A/115BBE under the Income-tax Act. The dispute arises from a revision order passed by the Principal Commissioner of Income-Tax-1, Bhopal [“PCIT”] under section 263 of the Act, concerning the assessment order passed by the National e-assessment Centre, Delhi. The case delves into whether the excess stock declared by the assessee as part of their business activities can be subjected to section ...