Prohibited importation of cosmetics without prior regulatory registration attracts seizure and confiscation; warehousing or re export claims do not cu...
Provisional release on security permitted where cash deposit plus bond secures differential duty; classification and treaty benefits referred for deci...
Customs Valuation Rule Sequence must be followed; single-comparator re-determination and penalties set aside without comparability or proof of mis-dec...
Separately Identifiable Services: transportation found to be the essential character, so Cargo Handling classification and extended limitation rejecte...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
