https://www.taxtmi.com/caselaws?id=311031 ITAT Raipur ruled in favor of the assessee on two key issues. First, regarding addition of low gross profit following a survey under section 133A, the tribunal held that without specific defects in books of account or rejection of books, the AO cannot disturb profit percentage disclosed. The AO failed to examine the entire financial year's profit and compare it with the preceding year. Second, on disallowance of partner remuneration and interest, the tribunal confirmed that amounts surrendered during survey relating to stock or business receipts constitute business income, making section 40(b) deductions admissible. The CIT(A)'s deletion of both additions was upheld, rejecting the revenue's appeal. en-us Fri, 19 Feb 2016 00:00:00 +0530 Mon, 04 Dec 2023 21:17:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311031 ITAT Raipur ruled in favor of the assessee on two key issues. First, regarding addition of low gross profit following a survey under section 133A, the tribunal held that without specific defects in books of account or rejection of books, the AO cannot disturb profit percentage disclosed. The AO failed to examine the entire financial year's profit and compare it with the preceding year. Second, on disallowance of partner remuneration and interest, the tribunal confirmed that amounts surrendered during survey relating to stock or business receipts constitute business income, making section 40(b) deductions admissible. The CIT(A)'s deletion of both additions was upheld, rejecting the revenue's appeal. Case-Laws Income Tax Fri, 19 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311031