Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
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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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