|QUERY:||Whether Assessing Officer is justified in treating excess stock found as undisclosed investment under section 69 of the Act?|
|ANSWER:||Click here to read the full answer of the expert|
|EXPERT:||CA. H. N. Motiwalla|
|CATCH WORDS:||Unexplained investments -Excess stock found – Whether taxable|
As per the Bombay High Court in Ramanlal Kacharulal Tejmal [146 ITR 368] excess stock found represents investment of the assessee in property and therefore same can be assessed under section 69 of the Act.