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2013 (10) TMI 868 - AT - Income TaxDeduction of Partner’s Remuneration from additional Business Income surrendered during survey u/a 133A - Held that:- The assessee had offered the same as business income but source of the same was not known and also income was not declared under any head of regular profit and loss account - As per the provisions of section 40(b), a partner of the firm would be allowed remuneration from the business profit declared by the Assessee for the particular year and for determining the book profits for the purpose of determining the remuneration the income disclosed during survey u/s 133 A cannot be considered as part of the business profits. DCIT Vs. M/s. Shree Labdhi Prints 2012 (11) TMI 442 - CESTAT, AHMEDABAD ] - additional income for taxation during the course of survey is accepted as business income of the assessee and there is no bar in the Act from claiming partners remuneration on such additional business income – the order of the learned CIT(A) reversed and the AO is directed to allow the claim of the assessee – Decided in favour of Assessee.
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