TaxTMI 
TaxTMI 
2007 (11) TMI 72
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....tion in these three appeals are : "When the assessee has received income from other sources, the remuneration claimed by the partners can be allowed as per section 40(b)(iii) of the Income-tax Act ?" 2 The assessee is a firm doing business in commercial agencies. Before completion of assessment, when a survey was conducted, it was noticed that certain entries were not reflected in the returns of....
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....er sources credited to the profit and loss account declared during the course of survey under section 133A of the Income-tax Act. Being aggrieved by the orders of the Commissioner of Income-tax, the assessee filed the appeals before the Income-tax Appellate Tribunal. The Tribunal after considering the records and the statement given by the partners of the assessee's firm on facts has come to the c....
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....ot arise for consideration. 5 We have perused the orders of the Tribunal. The Tribunal has carefully considered the questions put by the authority and the answer of the partners of the assessee's firm and based on the same, the Tribunal has come to the conclusion that the additional income received by the assessee in the instant case is from business and not from other sources. If the Tribunal ha....