Survey 133a

This query is : Resolved

N.RAJESH KUMAR (Querist)
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14 February 2019 Survey conducted in business premises on 01-01-2019, Excess stock found Rs 25 Lakhs, whether it is business income or Income from undisclosed sources .
At what rate of Income tax applicable 33% or 60% Plus 25% pleanty. 115BBE section amendment made on (second amendment in December 2017)

Nilesh Gami

Nilesh Gami (Expert)
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15 February 2019 if survey is conducted by the assessee and its nature of business have excess/ shortage of stocks, then it should be considered as business income and explanation can be given to AO to avoid implication of section 68 of the income tax act. In my opinion it should be charged as business income and explanation can be given to the satisfactory of AO.