https://www.taxtmi.com/caselaws?id=282237 The Tribunal overturned the Assessing Officer's addition of Rs. 1,49,052 towards income estimation for a partnership firm in the wholesale and retail business of sarees and cloth. The Tribunal held that the disclosed income, surrendered during a survey operation, was related to the business, allowing remuneration to partners as per the partnership deed. The Tribunal concluded that the declared income constituted business income, entitling partners to receive remuneration accordingly. Consequently, the Tribunal allowed the appeal, emphasizing that the disclosed income was part of the business and partners were entitled to remuneration as per the partnership agreement. en-us Fri, 15 May 2015 00:00:00 +0530 Mon, 29 Jul 2019 09:29:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282237 The Tribunal overturned the Assessing Officer's addition of Rs. 1,49,052 towards income estimation for a partnership firm in the wholesale and retail business of sarees and cloth. The Tribunal held that the disclosed income, surrendered during a survey operation, was related to the business, allowing remuneration to partners as per the partnership deed. The Tribunal concluded that the declared income constituted business income, entitling partners to receive remuneration accordingly. Consequently, the Tribunal allowed the appeal, emphasizing that the disclosed income was part of the business and partners were entitled to remuneration as per the partnership agreement. Case-Laws Income Tax Fri, 15 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282237