TaxTMI 
TaxTMI 
2005 (8) TMI 288
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....rvey was conducted at the business premises of assessee on 2nd July, 1998, During the course of survey, the assessee agreed to offer an additional income of Rs, 2,45,000 for the assessment year under appeal. The assessee declared the sum as there were certain cash credits in the books of account for which the assessee had no documentary evidence to substantiate the genuineness of such cash credits. During the course of survey, the AO also found certain credit notes in the premises of assessee. The AO held that the credit notes are not issued by the assessee, Thus, such rebate/discount has not been passed on. Even the recipient of such discount has not accounted as such credit notes were not issued. He accordingly disallowed the sum. When th....
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....therefore, concluded that in the interest of justice, the matter is required to be restored to the AO. 1.5 Learned Departmental Representative submitted that in the interest of justice, the matter may be restored back. 2. On careful consideration of the relevant facts and the arguments advanced, we are convinced that the matter is required to be restored back to the AO for examining the claim of assessee afresh. We set aside the direction of learned CIT(A) and the AO shall provide necessary information collected In this regard and also to consider the claim of assessee in regard to claim of discount/rebates. 3. The next ground of appeal is against disallowance of remuneration to the partners. 3.1 The AO held that for the purpose of "boo....