Discrepancy in Excess Stock accumulated during Normal Business Assessable as “Business Income”, S. 69B r.w.s S. 115BBE Not Applicable: ITAT [Read Order]

By Rasheela Basheer - On June 22, 2024 6:58 am - 2 mins read
ITAT - ITAT Chennai - Income tax - Discrepancy in Stock - Business Income - taxscan

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the discrepancy in the excess stock accumulated during normal business shall be assessable as business income and section 69B r.w.s section 115BBE of the Income Tax Act shall not be applicable in such cases. The assessee, M/s Revathi Modern Rice…

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