https://www.taxtmi.com/caselaws?id=430703 The Tribunal held that the additional income of Rs. 2 crore declared during a survey should be treated as business income, allowing the deduction of partners' remuneration under section 40(b) of the I.T. Act. The Tribunal also reduced the disallowance of Un-registered Dealer purchases (URD) from 20% to 10%. The decision partially favored the assessee, as the Tribunal ruled in favor of the assessee on the treatment of additional income as business profits and reduced the disallowance of URD purchases. en-us Wed, 02 Nov 2022 00:00:00 +0530 Fri, 25 Nov 2022 16:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430703 The Tribunal held that the additional income of Rs. 2 crore declared during a survey should be treated as business income, allowing the deduction of partners' remuneration under section 40(b) of the I.T. Act. The Tribunal also reduced the disallowance of Un-registered Dealer purchases (URD) from 20% to 10%. The decision partially favored the assessee, as the Tribunal ruled in favor of the assessee on the treatment of additional income as business profits and reduced the disallowance of URD purchases. Case-Laws Income Tax Wed, 02 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430703