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Stock Surrender in survey: Ex-parte dismissal by CIT(A) not sustainable
Case Law Details
- Case Name
- Apka Faisala Gold Palace Vs ACIT-Central Circle (ITAT Jabalpur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2019-20
- Courts
- All ITAT, ITAT Jabalpur
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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 inv...
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