Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
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Allowability of working partner remuneration and tax treatment of commission on cash basis are examined. The article explains that where a partnership deed expressly adopts the statutory definition of book profit and authorises remuneration, an inadvertent numeric discrepancy in the deed does not negate authorisation; remuneration quantification is for the firm and payments within statutory computation limits are allowable, especially where the partner declared the amount separately. Separately, a consistent accounting policy of recognising commission on a cash basis, supported by disclosures and documentary evidence that amounts shown in Form 26AS were not received until a later year, justifies deferring taxation and claiming TDS credit when received.
Allowability of working partner remuneration and tax treatment of commission on cash basis are examined. The article explains that where a partnership deed expressly adopts the statutory definition of book profit and authorises remuneration, an inadvertent numeric discrepancy in the deed does not negate authorisation; remuneration quantification is for the firm and payments within statutory computation limits are allowable, especially where the partner declared the amount separately. Separately, a consistent accounting policy of recognising commission on a cash basis, supported by disclosures and documentary evidence that amounts shown in Form 26AS were not received until a later year, justifies deferring taxation and claiming TDS credit when received.
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