https://www.taxtmi.com/caselaws?id=206531 The Tribunal ruled in favor of the assessee firm, overturning the classification of voluntarily surrendered income as "Income from other sources" and recognizing it as business income. This decision allowed the firm to claim partners' remuneration and reduced disallowances on vehicle expenses and depreciation. However, disallowances under section 40(a)(ia) for late TDS payment and interest levies under sections 234B and 234D were upheld. The Tribunal emphasized that undisclosed income from business activities should be treated as business income, aligning with precedents from various courts. en-us Fri, 15 Oct 2010 00:00:00 +0530 Sat, 05 Nov 2011 00:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206531 The Tribunal ruled in favor of the assessee firm, overturning the classification of voluntarily surrendered income as "Income from other sources" and recognizing it as business income. This decision allowed the firm to claim partners' remuneration and reduced disallowances on vehicle expenses and depreciation. However, disallowances under section 40(a)(ia) for late TDS payment and interest levies under sections 234B and 234D were upheld. The Tribunal emphasized that undisclosed income from business activities should be treated as business income, aligning with precedents from various courts. Case-Laws Income Tax Fri, 15 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206531