Held that the income surrendered on account of investment in excess stock in the course of survey could not be brought to tax under the deeming provisions of section 69B of the Act and had to be assessed to tax under the head “Business income”. The question of the application of section 115BBE of the Act did not arise and the normal tax rate applied.(AY. 2018-19)
A. P. Knit Fab v Dy. CIT (2024) 111 ITR46 (Chad)(Trib)
S. 69B : Amounts of investments not fully disclosed in books of account-Excess stock-Survey-Deeming provision would not apply-Assessable at normal rates as business income. [S.115BBE,133A]
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