Interest from fixed deposit of spare fund cannot be excluded from book profit for purpose of determining allowable deduction of remuneration paid to partners HIGH COURT OF GUJARAT Commissioner of Income-tax – III v. J.J. Industries AKIL KURESHI AND MS. SONIA GOKANI, JJ. TAX APPEAL NO. 316 OF 2013 APRIL 25, 2013 K.M. Parikh for… Read More »
Where in terms of partnership deed assessee-firm paid bonus to all partners including working partners, conditions prescribed under section 40(b) stood fulfilled and, thus, Assessing Officer could not disallow said payment in case of one partner holding that he was not a working partner IN THE ITAT JAIPUR BENCH Id. Mohd. Nizamuddin v. Assistant Commissioner… Read More »
Q: Whether for the purpose of calculation of partners remuneration , Interest earned on FDRs etc to be excluded as this income will come under the “head income from other sources” ? OR Q Partners remuneration has to be calculated on the income shown under the head “Income from Business or Profession” or on Net profit… Read More »