Remuneration u/s 40(b)(v) available on additional income offered

Rathod Developers & Builders Vs ITO (ITAT Bangalore) ITAT Bangalore held that as the additional income offered is considered as business income, remuneration u/s. 40(b)(v) of the Income Tax Act is available on the same. Facts- The assessee is a partnership firm engaged in the business of construction of residential and commercial buildings. It also undertakes development of layouts. A survey u/s. 133A of the I.T. Act was conducted at the business premises of the assessee. During the course of survey, AO found a valuation report, wherein the cost of construction per square feet was mentione...