RAV SHARAN SINGH,PATIALA vs. ACIT, C.C., PATIALA

ITA 416/CHANDI/2023Status: DisposedITAT Chandigarh30 October 2024AY 2019-20Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)23 pages
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What did the Tribunal hold?

The Tribunal held that the excess stock represents suppressed business profits and should be treated as business income, not deemed income under Section 69. Therefore, Section 115BBE is not applicable.

What were the facts?

During a survey operation, the assessee, a medical practitioner and medical store owner, surrendered Rs. 25,02,000/- for excess stock. The assessee offered this amount to tax under normal business provisions in the return of income.

What were the issues?

Whether excess stock found during a survey, surrendered by the assessee, should be taxed as business income or deemed income under Section 69, attracting Section 115BBE.

Which sections of the Income-tax Act were involved?

Section 69,Section 115BBE,Section 133A

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Cases cited in this judgment(4)Show list

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Cause title — parties, addresses and appearances
आयकर अपीलीय अिधकरण,च"डीगढ़ "यायपीठ “बी” , च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BENCH “B”, CHANDIGARH HEARING THROUGH: VIRTUAL MODE "ी आकाश दीप जैन, उपा"य" एवं "ी िव"म "सह यादव, लेखा सद"य BEFORE: SHRI. AAKASH DEEP JAIN, VP & SHRI. VIKRAM SINGH YADAV, AM आयकर अपील सं./ ITA NO.416/Chd/2023 िनधा"रण वष" / Assessment Year : 2019-20 Rav Sharan Singh बनाम The Asst. CIT 6, Ranjit Singh, Near State College Central Circle, Patiala Patiala-147001- Punjab "थायी लेखा सं./PAN NO: BVBPS5943M अपीलाथ"/Appellant ""यथ"/Respondent िनधा"रती क" ओर से/Assessee by : Shri Sudhir Sehgal, Advocate and Shri Rishabh Marwah, C.A राज"व क" ओर से/ Revenue by : Shri Dharam Vir, JCIT, Sr. DR सुनवाई क" तारीख/Date of Hearing : 20/08/2024 उदघोषणा क" तारीख/Date of Pronouncement : 30/10/2024

आदेश/Order PER VIKRAM SINGH YADAV, A.M. :

This is an appeal filed by the Assessee against the order of the Ld. CIT(A)-5, Ludhiana dt. 24/05/2023 pertaining to Assessment Year 2019-20, wherein the assessee through his various grounds of appeal has effectively challenged the invocation of provision of Section 69 r.w.s 115BBE of the Act in respect of amount of Rs. 25,02,000/- which was surrendered during the course of

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