https://www.taxtmi.com/caselaws?id=326896 The ITAT partially allowed the appeal, directing the AO to verify the GP rate for cotton sales in the previous year to determine the addition accurately. The interest income on late realization of sale proceeds was assessed as business income, following a decision of the Hon'ble Gujarat High Court, impacting the calculation of partner's remuneration. The ITAT ruled in favor of the assessee, deleting the addition made by the ld.CIT(A) on the interest income issue, emphasizing the correct assessment of GP addition and interest income for compliance with the Income Tax Act. en-us Wed, 16 Mar 2016 00:00:00 +0530 Wed, 27 Apr 2016 10:26:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326896 The ITAT partially allowed the appeal, directing the AO to verify the GP rate for cotton sales in the previous year to determine the addition accurately. The interest income on late realization of sale proceeds was assessed as business income, following a decision of the Hon'ble Gujarat High Court, impacting the calculation of partner's remuneration. The ITAT ruled in favor of the assessee, deleting the addition made by the ld.CIT(A) on the interest income issue, emphasizing the correct assessment of GP addition and interest income for compliance with the Income Tax Act. Case-Laws Income Tax Wed, 16 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326896