{"id":32760,"date":"2023-02-13T12:59:46","date_gmt":"2023-02-13T07:29:46","guid":{"rendered":"https:\/\/itatonline.org\/digest\/kulkarni-sahu-buildcon-pvt-ltd-v-dcit-2023-bcaj-february-p-39-rajkot-trib\/"},"modified":"2023-02-13T12:59:46","modified_gmt":"2023-02-13T07:29:46","slug":"kulkarni-sahu-buildcon-pvt-ltd-v-dcit-2023-bcaj-february-p-39-rajkot-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/kulkarni-sahu-buildcon-pvt-ltd-v-dcit-2023-bcaj-february-p-39-rajkot-trib\/","title":{"rendered":"Kulkarni &#038; Sahu Buildcon Pvt Ltd v. DCIT (2023) BCAJ \u2013 February -P.39 ( Rajkot )( Trib)"},"content":{"rendered":"<p>In the course of survey the assessee surrendered stock in trade and credited to P&amp; Loss account . The AO assessed the\u00a0 surrendered\u00a0 amount as income from undisclosed income under section 69 of the Act . CIT(A) affirmed the order of the AO . On appeal the Tribunal held that the amount surrendered qua the investment in the excess stock was liable to be taxed under the head business income and not under the head income from other\u00a0 sources. Relied on Shree Sita Udyog v. DCIT , ITA No. 249 to 259 \/ RPR\/ 2017 dt 22-7 -2022 . ( TS -969 -ITAT -2022 dt 12 -12 -2022 )( AY. 2012 -13 )<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 143(3): Assessment &#8211;  Civil construction -Stock in trade \u2013 Amount surrendered in the course of survey &#8211;  Assessable as business income \u2013 Addition cannot be made as income from undisclosed income under section 69 of the Act . [ S. 69, 133A ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-32760","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8wo","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/32760","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=32760"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/32760\/revisions"}],"predecessor-version":[{"id":32761,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/32760\/revisions\/32761"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=32760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=32760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=32760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}