Stock Surrender in survey: Ex-parte dismissal by CIT(A) not sustainable

Apka Faisala Gold Palace Vs ACIT-Central Circle (ITAT Jabalpur) Ex-parte dismissal by CIT(A) not sustainable – Stock Surrender in survey- decision on applicability of s.69B vs treatment as business income – matter remanded Tribunal examined whether excess stock surrendered during survey should be taxed u/s 115BBE or treated as part of business income. Assessee, a jewellery trader, filed return declaring ₹1.35 crore. During survey u/s 133A conducted on 18/02/2019, excess stock of ₹1,05,15,579/- was found & surrendered. AO held that such stock was unexplained investment u/s 69B &...