https://www.taxtmi.com/caselaws?id=212502 The appeal was partly allowed. The disallowance of partner's remuneration under section 40(b) of the Income-tax Act, 1961 was reinstated due to lack of clear quantification in the reconstitution deed. However, the disallowances of losses on the sale of the flat at Saligramam and property at T. Nagar were deleted as they were considered business losses incurred in the course of business activities. The Tribunal upheld the CIT(A)'s decision on the losses, allowing them to be claimed as business losses. en-us Mon, 31 Oct 2011 00:00:00 +0530 Tue, 25 Jun 2013 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212502 The appeal was partly allowed. The disallowance of partner's remuneration under section 40(b) of the Income-tax Act, 1961 was reinstated due to lack of clear quantification in the reconstitution deed. However, the disallowances of losses on the sale of the flat at Saligramam and property at T. Nagar were deleted as they were considered business losses incurred in the course of business activities. The Tribunal upheld the CIT(A)'s decision on the losses, allowing them to be claimed as business losses. Case-Laws Income Tax Mon, 31 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212502