Hello Collegues
Due to following reason I T O has disallowed following expense/income during assessment
1 Partners remuneration distributed between partners equally instead of deed says to distribute between partners according %
2 Partnership firm taken over by Pvt. Ltd. company on 15/06/2007 but before that firm claimed TDS onBank FD Interest to its return of income AY 08-09 while did not shown interest income of said FD. The same income shown by PVT LTD company in its return of income A. Y. 08-09
Please give your valuable remarks so i can narrate in CIT(A)
RAMESH K M
098258 79833
[email protected]
Dispute over disallowed expenses: Partner remuneration not as per deed, TDS claimed without showing interest income. A query was raised regarding disallowed expenses and income during a tax assessment. The issues involved were the equal distribution of partner remuneration contrary to the partnership deed, and a partnership firm claiming TDS on bank FD interest without showing the interest income, which was later shown by a private limited company that took over the firm. A respondent suggested that detailed facts and circumstances are necessary to examine the issue and frame an opinion, including the grounds taken before the Assessing Officer. (AI Summary)
TaxTMI 
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TaxTMI 
