M/S VENKATESH MARBLES,RAIPUR(CG) vs. THE ASSTT. COMMISSIONER OF INCOME TAX, RAIPUR (CG)

ITA 4/BIL/2016Status: DisposedITAT Raipur22 October 2018AY 2010-118 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the addition for undisclosed income from loose papers was incorrect as the assessee had provided explanations. It also held that the surrendered income should be treated as business income for computing partner remuneration, overturning the AO's disallowance.

What were the facts?

During a survey, discrepancies were found, and a surrender was made by the partner's brother. The Assessing Officer (AO) made additions for undisclosed income from loose papers and disallowed part of the partners' remuneration. The CIT(A) partly allowed the assessee's appeal.

What were the issues?

Whether additions for undisclosed income from loose papers found during survey are justified, and whether surrendered income should be considered for computing partner remuneration under Section 40(b)(v).

Which sections of the Income-tax Act were involved?

Section 133A,Section 40(b)(v),Section 69

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Income Tax Appellate Tribunal, RAIPUR BENCH: RAIPUR

Before: SHRI R. K. PANDA & MS SUCHITRA KAMBLE

For Appellant: Shri R. B. Doshi, CA
For Respondent: Smt. Anubhaa Goyal, DR
Hearing: 16.08.2018Pronounced: 22.10.2018

PER SUCHITRA KAMBLE, JM

This appeal is filed by the assessee against the order of the CIT(A) -1, Raipur (CG), dated 30.11.2015 for the A.Y. 2010-11. 2. The grounds of appeal are as under:

“1. In the facts and circumstances of the case, Commissioner of Income-tax (Appeals) erred in confirming addition of Rs. 76,617/- out of addition of Rs. 1,21,377/- made by the Assessing Officer for alleged undisclosed income out of entries in loose papers found on survey by ignoring explanation of the appellant and without considering the facts of the case properly and judicially.

2.

In the facts and circumstances of the case, Commissioner of Income-tax (Appeals)’s

The order continues below.

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