2017 (7) TMI 496

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....of survey U/s. 133A of I.T. Act, particularly when the surrender amount was shown as business income and assessed as business income? (b) When surrender amount is shown as Business Income an assessed as such, whether ITAT was right in law in treating the same as unexplained investment U/s. 69 of the I.T. Act, and whether the order of ITAT is perverse on account of misappropriation of admitted facts on record?' 3. On 3rd October, 1997 a survey under Section 133A of the Act was conducted at the appellant's premises. During the course of survey, excess stock of Rs. 2,85,361/was found. Further, it was noticed that the appellant/ assessee has received an amount of Rs. 1,50,000/as cash loans/advances, sources of which could not be exp....

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....dt. 16th July 2003, the Tribunal rejected the appeal, inter alia holding that the book profits have been defined to mean as 'net profit' as shown in the profit and loss account and computed in the manner provided in Chapter IVD of the Act i.e. sections 28 to 44D of the Act. The amount of Rs. 1,50,000/not being shown to having any nexus with the business activities carried by the appellant was held to be not includible while computing its income to determine book profits. 7. The primary submission of Mr. Bhattad, learned counsel for the appellant is that from the record itself it is very clear that the Assessing Officer has accepted Rs. 1,50,000/which was disclosed as 'other income' as being part of its business income. If t....