https://www.taxtmi.com/caselaws?id=265662 The ITAT upheld the CIT (A) order, ruling that the surplus amount received by the assessee from a company was taxable as business profit under the head 'Profits and Gains from Business/Profession'. The decision was based on the business nature of the transaction, considering the amount as revenue due to the lack of a formal agreement between the parties. The ITAT dismissed the assessee's appeal, emphasizing that the surplus was not compensation but business profit, aligning with the CIT (A) determination. en-us Fri, 04 Sep 2015 00:00:00 +0530 Wed, 14 Oct 2015 07:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265662 The ITAT upheld the CIT (A) order, ruling that the surplus amount received by the assessee from a company was taxable as business profit under the head 'Profits and Gains from Business/Profession'. The decision was based on the business nature of the transaction, considering the amount as revenue due to the lack of a formal agreement between the parties. The ITAT dismissed the assessee's appeal, emphasizing that the surplus was not compensation but business profit, aligning with the CIT (A) determination. Case-Laws Income Tax Fri, 04 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265662