https://www.taxtmi.com/caselaws?id=71264 Income surrendered during survey on account of excess stock was treated as business income where the assessee stated that the stock represented current-year earnings from the same business and credited the amount to the profit and loss account. As the Department brought no material to show a separate or unexplained source, the surrendered amount formed part of the net profit used for book profit computation. Accordingly, that amount had to be included while calculating partners' remuneration under section 40(b), and the remuneration deduction was allowable on that basis. en-us Thu, 27 Jan 2005 00:00:00 +0530 Sat, 15 Jun 2024 12:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71264 Income surrendered during survey on account of excess stock was treated as business income where the assessee stated that the stock represented current-year earnings from the same business and credited the amount to the profit and loss account. As the Department brought no material to show a separate or unexplained source, the surrendered amount formed part of the net profit used for book profit computation. Accordingly, that amount had to be included while calculating partners' remuneration under section 40(b), and the remuneration deduction was allowable on that basis. Case-Laws Income Tax Thu, 27 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71264