AI Drafter 
TaxTMI 
TaxTMI 
2025 (9) TMI 1486
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....y as income, absolutely without allowing the cost incurred and against the very concept of income. The addition so made and confirmed by the CIT (A), being totally contrary to the provisions of law and facts of the case, kindly be deleted in full. 3. Rs. 18,90,381/- u/s. 40(b) disallowing remuneration: The Ld. CIT(A) erred in law as well as on the facts of the case in confirming the disallowance/addition made by the AO of Rs. 18,90,381/ u/s. 40(b) of the Income Tax Act, 1961. The disallowance/ addition so made and confirmed by the CIT (A), being totally contrary to the provisions of law and facts of the case, kindly be deleted in full. 4. The Ld. AO further erred in law as well as on the facts of the case in imposing tax, surcharge, cess etc. as per provision of S. 115BBE of the Act. The invoking of S.115BBE is contrary to the provisions of law, on facts and without jurisdiction. The tax liability so created and confirmed by the CIT (A), May kindly be deleted in full. 5. The Ld. AO further erred in law as well as on the facts of the case in charging interest u/s. 234B, 234C & 234D of the Act and as also in withdrawing interest u/s. 244A of the Act. The Ap....
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.... 2024 Power of survey. 133A. (1) Notwithstanding anything contained in any other provision of this Act, an income-tax authority may enter- (a) any place within the limits of the area assigned to him, or (b) any place occupied by any person in respect of whom he exercises jurisdiction, or (c) any place in respect of which he is authorised for the purposes of this section by such income-tax authority, who is assigned the area within which such place is situated or who exercises jurisdiction in respect of any person occupying such place, at which a business or profession or an activity for charitable purpose is carried on, whether such place be the principal place or not of such business or profession or of such activity for charitable purpose, and require any proprietor, trustee, employee or any other person who may at that time and place be attending in any manner to, or helping in, the carrying on of such business or profession or such activity for charitable purpose- (i) to afford him the necessary facility to inspect such books of account or other documents as he may require and which may be available at such place, (ii) to....
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....the books of account or other documents inspected by him and make or cause to be made extracts or copies there from, (ia) impound and retain in his custody for such period as he thinks fit any books of account or other documents inspected by him: Provided that such income-tax authority shall not- (a) impound any books of account or other documents except after recording his reasons for so doing; or (b) retain in his custody any such books of account or other documents for a period exceeding fifteen days (exclusive of holidays) without obtaining the approval of the Principal Chief Commissioner or the Chief Commissioner or the Principal Director General or the Director General or the Principal Commissioner or the Commissioner or the Principal Director or the Director therefor, as the case may be, (ii) make an inventory of any cash, stock or other valuable article or thing checked or verified by him, (iii) record the statement of any person which may be useful for, or relevant to, any proceeding under this Act: Provided that no action under clause (ia) or clause (ii) shall be taken by an income-tax authority acting under sub-section ....
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....under this Act in respect of any year which may be pending on the date on which the powers under this section are exercised or which may have been completed on or before such date and includes also all proceedings under this Act which may be commenced after such date in respect of any year. Section - 292C, Income-tax Act, 1961 - FA, 2024 Presumption as to assets, books of account, etc. 292C. (1) Where any books of account, other documents, money, bullion, jewellery or other valuable article or thing are or is found in the possession or control of any person in the course of a search under section 132or survey under section 133A, it may, in any proceeding under this Act, be presumed- (i) that such books of account, other documents, money, bullion, jewellery or other valuable article or thing belong or belongs to such person; (ii) that the contents of such books of account and other documents are true; and (iii) that the signature and every other part of such books of account and other documents which purport to be in the handwriting of any particular person or which may reasonably be assumed to have been signed by, or to be in the handwri....
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....s prescribed in section 40(b) of the Act as under: (b) in the case of any firm assessable as such, - (i) any payment of salary, bonus, commission or remuneration, by whatever name called (hereinafter referred to as "remuneration") to any partner who is not a working partner; or (ii) any payment of remuneration to any partner who is a working partner, or of interest to any partner, which, in either case, is not authorised by, or is not in accordance with, the terms of the partnership deed; or (iii) any payment of remuneration to any partner who is a working partner, or of interest to any partner, which, in either case, is authorised by, and is in accordance with, the terms of the partnership deed, but which relates to any period (falling prior to the date of such partnership deed) for which such payment was not authorised by, or is not in accordance with, any earlier partnership deed, so, however, that the period of authorization for such payment by any earlier partnership deed does not cover any period prior to the date of such earlier partnership deed; or (iv) any payment of interest to any partner which is authorised by, and is in accordance with, th....