2018 (6) TMI 93

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....d. Proceeding u/s 147 cannot be initiated on the basis of change of opinion. At the time of assessment made u/s 143(3) all informations/documents were submitted before Ld. Assessing Officer. There was no escapement of income. Proceedings u/s 147 was ab-initio null and void and fit to be deleted. 2. For that initiation of proceedings u/s 147 was ab-initio null and void. No recorded reasons were supplied to the appellant as such assessment made u/s 147 was illegal and unjustified. 3. For that Ld. C.I.T(A) was not justified for not considering remuneration and interest received from partnership firm as business income. As per section 28(v) of the I.T. Act, 1961 the salary, bonus, commission or remuneration received f....

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....e has not pressed the grounds No.1 & 2 and made endorsement. Accordingly, ground Nos.1 & 2 are dismissed as not pressed. 4. Brief facts relating to the effective grounds No.3, 4, 5, 6 & 7 are that the assessee derives income from trading of petrol, diesel & lubricants and filed the return of income for the assessment year 2010-2011 on 18.10.2010 with total income of Rs. 5,58,370/- and the return of income was duly processed u/s.143(1) of the Act and the case was selected for scrutiny under CASS. Subsequently, notice u/s.143(2) & 142(1) of the Act were issued to the assessee. In compliance, the AR of the assessee appeared from time to time and case was discussed. Thereafter the AO completed the assessment and made various additions and as....

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....ome received as remuneration and interest received from partnership firms and the ld. AR also substantiated his stand of remuneration received from the partnership firm relying on the income tax details and prayed for allowing the claim 8. Contra, ld.DR relied on the orders of lower authorities. 9. We heard the rival submissions and perused the material on record. Prima facie, on the first disputed issue of taxability of remuneration and interest received from partnership firm as business income. Ld. AR submitted that the assessee is having proprietary business and interest income is offered separately and also income from partnership firm in the nature of remuneration and interest on capital. The AO and the CIT(A) has not treated ....