https://www.taxtmi.com/caselaws?id=311033 ITAT Raipur allowed the assessee firm's appeal, setting aside additions made by AO and CIT(A). The tribunal held that income surrendered during survey proceedings from loose papers was properly included in accounts and adequately explained by the assessee, making the addition unjustified. Additionally, the tribunal found that restriction of partners' remuneration under section 40(b)(v) was incorrect, as the firm had only one source of income from trading activities and no evidence suggested other business operations during survey proceedings. en-us Mon, 22 Oct 2018 00:00:00 +0530 Mon, 04 Dec 2023 21:17:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311033 ITAT Raipur allowed the assessee firm's appeal, setting aside additions made by AO and CIT(A). The tribunal held that income surrendered during survey proceedings from loose papers was properly included in accounts and adequately explained by the assessee, making the addition unjustified. Additionally, the tribunal found that restriction of partners' remuneration under section 40(b)(v) was incorrect, as the firm had only one source of income from trading activities and no evidence suggested other business operations during survey proceedings. Case-Laws Income Tax Mon, 22 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311033