https://www.taxtmi.com/caselaws?id=179044 The Tribunal upheld the inclusion of income disclosed during a survey based on a partner's statement in the total income, treated the disclosed amount as unexplained income under section 69, and determined income representing unexplained stock as undisclosed business income. The Tribunal directed the AO to reassess the income, segregating the disclosed income and regular income, and consider the undisclosed business income separately. The set-off of business loss against declared income was denied, and the consideration of higher remuneration to partners was directed to be reviewed. The matter was remanded to the AO for recalculating the income in accordance with the Tribunal's directives. en-us Fri, 12 Feb 2010 00:00:00 +0530 Thu, 24 Aug 2023 16:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179044 The Tribunal upheld the inclusion of income disclosed during a survey based on a partner's statement in the total income, treated the disclosed amount as unexplained income under section 69, and determined income representing unexplained stock as undisclosed business income. The Tribunal directed the AO to reassess the income, segregating the disclosed income and regular income, and consider the undisclosed business income separately. The set-off of business loss against declared income was denied, and the consideration of higher remuneration to partners was directed to be reviewed. The matter was remanded to the AO for recalculating the income in accordance with the Tribunal's directives. Case-Laws Income Tax Fri, 12 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179044