ASHOK KUMAR JAIN,INDORE vs. DEPUTY COMMISSIONER OF INCOME TAX (CENTRAL)- UJJAIN, STATION INDORE, INDORE

ITA 692/IND/2025Status: DisposedITAT Indore25 August 2026AY 2020-2159 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the excess stock found was part of the assessee's regular business and not an unexplained investment. Therefore, the higher tax rate under Section 115BBE was not applicable.

What were the facts?

During a survey, excess stock of gold and silver jewellery was found in the assessee's business premises. The assessee voluntarily offered this excess stock as additional income, which was then taxed at the slab rate.

What were the issues?

Whether excess stock found during a survey, offered as income by the assessee, should be taxed under Section 115BBE as unexplained investment or at the normal slab rate as business income.

Which sections of the Income-tax Act were involved?

Section 69B,Section 115BBE,Section 68,Section 69,Section 69A,Section 69C,Section 69D

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, INDORE BENCH, INDORE

Before: SHRI PARESH M JOSHI & SHRI ARVIND SONI

Hearing: 10.08.2026Pronounced: 25.08.2026

Per Paresh M Joshi, J.M.:

This is an Appeal filed by the Assessee under section 253 of the income tax Act 1961,[ herein after referred to as the Act

for the sake of brevity] before this tribunal as and by way of a second appeal. The Assessee is aggrieved by the order

bearing No:- CIT (A)-3, Bhopal/IT/11512/2019-20 dated

10.07.

2025 passed by the Ld. CIT (A) u/s 250 of the Act,

which is hereinafter referred to as the “Impugned order”.

ASHOK KUMAR JAIN ITA No. 692/Ind/2025 - A.Y.2020-21

The Relevant Assessment year is 2020-21 and the corresponding previous year period is from 01.04.2019 to 31.03.2020. 2. Factual Matrix

2.

1 That as and by way of an assessme

The order continues below.

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