Unrecorded Stock Surrendered Taxable as Business Income, Not Other Sources

Vijay Shriram Gundale Vs ACIT (ITAT Pune) Introduction: The Income Tax Appellate Tribunal (ITAT) Pune recently delivered a significant judgment in the case of Vijay Shriram Gundale vs. ACIT. The appeal contested the tax treatment of excess stock discovered during a survey, challenging the Commissioner of Income Tax Appeals’ decision for the assessment year 2019-20. Detailed Analysis: The crux of the matter revolves around the treatment of Rs. 37,00,000/- as unexplained investment under section 69B of the Income Tax Act. The Assessing Officer (AO) argued that the excess stock, unearthed d...