https://www.taxtmi.com/caselaws?id=442090 The Tribunal allowed the appeal of the assessee, determining that the excess income declared during the survey proceedings should be classified as income from business rather than unexplained income from other sources. This decision was based on the presumption that income credited to the Profit & Loss Account is derived from business activities, distinguishing previous cases where the source of income was unexplained and not reflected in the P & L Account. The Tribunal set aside the CIT(A)'s order and ruled in favor of the assessee. en-us Tue, 22 Aug 2023 00:00:00 +0530 Thu, 24 Aug 2023 08:09:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442090 The Tribunal allowed the appeal of the assessee, determining that the excess income declared during the survey proceedings should be classified as income from business rather than unexplained income from other sources. This decision was based on the presumption that income credited to the Profit & Loss Account is derived from business activities, distinguishing previous cases where the source of income was unexplained and not reflected in the P & L Account. The Tribunal set aside the CIT(A)'s order and ruled in favor of the assessee. Case-Laws Income Tax Tue, 22 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442090