If the body will float on water, when the upthrust and weight are equal, where wll the body be, when the upthrust is greater than the weight ?
When a body of density lesser than the density of the liquid on which it is placed, it will float. The body will partly immerse depending on the density of the body. The part of the body that is immersed displaces a volume of the liquid. The weight of this volume of displaced liquid is equal to the upthrust which is also the buoyant force and is equal to the weight of the floating body.
Thus the body immerse partly in such a way that the upthrust equals weight. If you push the body below the equilibrium level then the upthrust will exceed the weight of the body and will push the body up to the equilibrium condition.