TMI Blog2022 (5) TMI 1086X X X X Extracts X X X X X X X X Extracts X X X X ..... statement. Now, burden is on the assessing officer to disprove it. However, we note that assessing officer has not refuted or discredited these evidences. The assessing officer does not mention why he is not accepting these evidences. Thus, it is abundantly clear that assessing officer has not made any adverse finding in any of these documents even, though all the details were furnished by the assessee before him. The assessing officer ought to have examined all these details and refuted / rejected them, with a cogent adverse findings and discernable line of reasoning, in order to arrive at a conclusion and to make the addition. On the contrary, the assessing officer has just brushed aside these evidences without even a word on why they are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... circumstances of the case as well as law on the subject, the learned Commissioner of Income-tax (Appeals) has erred in confirming action of the assessing officer assessing income of the assessee at Rs.16,65,499/- by treating Income declared during Survey as Deemed Income not includible under any of the heads of Income prescribed u/s 14 of the Income Tax Act, 1961. 3. Brief facts of the issue in dispute are stated as under. During the scrutiny proceedings, the assessing officer noted that in the Income Tax Return, the assessee has credited the income of Rs.16,65,000/- in its profit and loss account under the head Indirect Income Undisclosed income. The assessing officer observed that assessee has not offered this income as Business ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ness receipt and explained the nature of it and the assessing officer has not disapproved assessee's contention. The ld Counsel further submitted that said Cash Receipt of Rs.16,65,000/- is part of assessee's business receipt and is part of regular business profit and hence it is taxable under the head Profits and Gains of Business and assessee can claim the expenses also. Therefore, ld Counsel prays the Bench that addition made by the assessing officer may be deleted. 6. On the other hand, the Ld. DR for the Revenue has primarily reiterated the stand taken by the Assessing Officer, which we have already noted in our earlier para and is not being repeated for the sake of brevity. 7. We have given our thoughtful consideration t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss and it has nothing to do with the said unaccounted receipt. These expenses are duly supported by bills / vouchers/ evidences and during the course of assessment proceedings the assesses has provided copies of the same to your honour. 3) These expenses are the expenses which the assesses would he required to incur irrespective of on money receipts. Further, interest of Rs.1,79,944/- is as per the provisions of Section 40(b) of the I T. Act 1961. Remuneration to working partners is allowable irrespective of quantum of Profit / loss. Further, Interest paid to Partners is separately taxable in the Partner's hand. 8. From the above factual position, it is vivid that expenses are duly supported by bills / vouchers/ evidences. U ..... X X X X Extracts X X X X X X X X Extracts X X X X
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