Tag: partners salary

Assessing Officer was wrong to disbelieve partnership rectification deed when stamp paper was issued on a prior date – ITAT ABCAUS Case Law Citation:ABCAUS 3801 (2023) (09) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A)/NFAC in confirming the action of Assessing …

For computing allowable partners remuneration u/s 40(b) AO can not allocate net profit into different heads to exclude interest income  ABCAUS Case Law CitationABCAUS 3413 (2020) (10) ITAT Important case law relied upon by the parties:CIT V/s J. J. Industries (2013) 358 ITR 531Md. Serajuddin & Bros. vs. …

Disallowance u/s 40A(3) of payment of partners salary in cash. ITAT remands the case in view of Supreme Court judgment relied upon by the assessee   ABCAUS Case Law Citation:ABCAUS 3074 (2019) (07) ITAT The appeal filed by the assessee firm was directed against the exparte order of …

Partners Salary and interest not disallowable when assessment u/s 143 is made in the manner laid down u/s 144 by rejecting books of account by invoking the provisions of section 145(3) of the Income Tax Act, 1961 ABCAUS Case Law Citation ABCAUS 2371 (2018) 06 ITAT The assessee …