https://www.taxtmi.com/caselaws?id=57821 Discount or rebate claimed through credit notes could not be disallowed on the basis of material gathered in remand without first supplying that material to the assessee and allowing effective cross-verification; the matter was therefore sent back for fresh examination. Unexplained cash credits recorded in the books and credited to the profit and loss account were treated as part of book profit for computing partners' remuneration under section 40(b), because book profit is linked to the net profit shown in the profit and loss account as computed under Chapter IV-D. The Assessing Officer was directed to include those credits while working out the permissible remuneration. en-us Fri, 05 Aug 2005 00:00:00 +0530 Tue, 30 Apr 2024 15:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57821 Discount or rebate claimed through credit notes could not be disallowed on the basis of material gathered in remand without first supplying that material to the assessee and allowing effective cross-verification; the matter was therefore sent back for fresh examination. Unexplained cash credits recorded in the books and credited to the profit and loss account were treated as part of book profit for computing partners' remuneration under section 40(b), because book profit is linked to the net profit shown in the profit and loss account as computed under Chapter IV-D. The Assessing Officer was directed to include those credits while working out the permissible remuneration. Case-Laws Income Tax Fri, 05 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57821