section 40(b)

  • Income Tax

Interest paid to deceased partner can’t be disallowed if book entry passed on year end.

Interest paid to legal heirs of deceased partner cannot be disallowed merely on ground of passing book entry on year…

1 year ago
  • Income Tax

Interests on capital account allowed on daily basis not on opening/ closing balance – ITAT

Interests on capital account has to be calculated on daily product basis not on opening or closing balance of financial…

1 year ago
  • Income Tax

Disallowance of interest on partner’s capital u/s 40(b) restricted to net advances out of interest bearing funds

Disallowance of interest on partner’s capital u/s 40(b) restricted to net advances out of interest bearing funds ABCAUS Case Law…

3 years ago
  • Income Tax

Remuneration paid to partners cannot be disallowed for want of registration of firm

Remuneration paid to partners cannot be disallowed for want of registration of firm. There is no requirement that partnership firm…

5 years ago
  • Income Tax

Addition u/s 69 for discrepancies in stocks was business income to be considered for computing partners remuneration under Section 40(b)

In a recent judgment, ITAT Chennai has upheld that Addition u/s 69 for discrepancies in stocks was business income and has…

8 years ago