https://www.taxtmi.com/caselaws?id=235419 Interest income from fixed deposits, having been credited to the profit and loss account and accepted as business income in assessment, was not required to be excluded for computing the ceiling on partners' remuneration under section 40(b) of the Income-tax Act, 1961. On those facts, the Court found no substantial question of law arising from the Revenue's challenge and declined to enter the broader controversy on whether only business income should be considered for book profit. The appeal was dismissed, leaving the Tribunal's view undisturbed. en-us Thu, 25 Apr 2013 00:00:00 +0530 Sat, 07 Dec 2013 12:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235419 Interest income from fixed deposits, having been credited to the profit and loss account and accepted as business income in assessment, was not required to be excluded for computing the ceiling on partners' remuneration under section 40(b) of the Income-tax Act, 1961. On those facts, the Court found no substantial question of law arising from the Revenue's challenge and declined to enter the broader controversy on whether only business income should be considered for book profit. The appeal was dismissed, leaving the Tribunal's view undisturbed. Case-Laws Income Tax Thu, 25 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235419