Tag: section 40(b)

Interest paid to legal heirs of deceased partner cannot be disallowed merely on ground of passing book entry on year end – ITAT ABCAUS Case Law Citation ABCAUS 3637 (2023) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming …

Interests on capital account has to be calculated on daily product basis not on opening or closing balance of financial year – ITAT ABCAUS Case Law Citation ABCAUS 3636 (2023) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming …

Disallowance of interest on partner’s capital u/s 40(b) restricted to net advances out of interest bearing funds ABCAUS Case Law CitationABCAUS 3503 (2021) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in deleting the addition made by the Assessing Officer …

Remuneration paid to partners cannot be disallowed for want of registration of firm. There is no requirement that partnership firm should be registered under the Partnership Act. ABCAUS Case Law Citation:ABCAUS 3136 (2019) (09) ITAT The appeal of the assessee was directed against the order of the Commissioner …

In a recent judgment, ITAT Chennai has upheld that Addition u/s 69 for discrepancies in stocks was business income and has to be considered for computing partners remuneration under Section 40(b) Case Law Details: ITA No.393/Mds/2013 Assessment Year : 2009-10 Income Tax Officer vs. M/s Roshan Date of Order/Judgment: 07/04/2016 Brief …