https://www.taxtmi.com/caselaws?id=57794 The ITAT ruled in favor of the assessee in both appeals. In the first issue, the additional income declared during a survey was considered as business income, allowing remuneration to partners. The ITAT directed the AO to allow the claim as the undisclosed income was related to business activities. In the second issue, discrepancies in stock valuation during a survey did not warrant section 263 proceedings, as the valuation differences were justified. The ITAT canceled the section 263 order, ultimately allowing both appeals. en-us Fri, 06 Jan 2006 00:00:00 +0530 Wed, 18 Jul 2012 13:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57794 The ITAT ruled in favor of the assessee in both appeals. In the first issue, the additional income declared during a survey was considered as business income, allowing remuneration to partners. The ITAT directed the AO to allow the claim as the undisclosed income was related to business activities. In the second issue, discrepancies in stock valuation during a survey did not warrant section 263 proceedings, as the valuation differences were justified. The ITAT canceled the section 263 order, ultimately allowing both appeals. Case-Laws Income Tax Fri, 06 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57794