TaxTMI 
TaxTMI 
2022 (5) TMI 214
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....ssessee 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 on facts and in law in not giving a reasonable and suffici....
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.... 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) General 7. The above grounds of appeal are without prejudice to one another and the appellant ....
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....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 record that during the search conducted u/s 133A of the Act and Department has found physical stock as on 07.0....
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....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 as per the Section 40(b) of the Act and claimed to the extent of Rs.8,57,404/- whereas the originally assessee cl....