2022 (5) TMI 214

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.... ORDER PER AMARJIT SINGH, JM: The assessee has filed the present appeal against the order dated 16.12.2013 passed by the Commissioner of Income Tax (Appeals) -25, Mumbai [hereinafter referred to as the "CIT(A)"] relevant to the A.Y.2009-10. 2. The assessee has raised the following grounds: - "(A) Principles of natural justice violated 1. The Ld. CIT(A)-25, Mumbai erred....

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....ered by the AO. 4. The Ld. CIT(A) erred on facts and in law in taxing the disclosure of stock out of the books u/s 69 instead of Income from Business. 5. The Ld CIT(A) erred on facts and in law in upholding the remuneration payable to partners as worked out by the AO. 6. The appellant prays your honour that the income returned by the appellant be accepted. (C) G....

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....fore the CIT(A) who dismissed the appeal of the assessee, therefore, the assessee has filed the present appeal before us. ISSUE Nos. 1 to 3 4. At the time of argument, these issues have not been pressed by the Ld. Representative of the assessee, therefore, these issues are being decided in favour of the revenue against the assessee being not pressed. ISSUE No. 4 5. We observed from the....

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....ssee, these excess stock in only be treated as chargeable to tax under the head income from business not under the head income from other sources. Accordingly, ground no. 4 raised by assessee is allowed. 6. We observed from the record that the assessee has treated the excess stock found during survey as part of business stock and accordingly re-computed and claimed the remuneration to partners ....