https://www.taxtmi.com/caselaws?id=238413 The Tribunal allowed the appeal in favor of the Assessee regarding the disallowance of excess remuneration under Sec. 40A(2)(b) of the IT Act and the allowability of remuneration to partners under Sec. 40(b) of the IT Act. The Tribunal held that the additional income disclosed during a survey should be considered as business income, allowing partners' remuneration to be calculated based on this additional business income. This judgment sets a precedent for similar cases, clarifying the treatment of excess remuneration and the allowability of partner remuneration under specific sections of the IT Act. en-us Fri, 27 Sep 2013 00:00:00 +0530 Tue, 22 Oct 2013 08:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238413 The Tribunal allowed the appeal in favor of the Assessee regarding the disallowance of excess remuneration under Sec. 40A(2)(b) of the IT Act and the allowability of remuneration to partners under Sec. 40(b) of the IT Act. The Tribunal held that the additional income disclosed during a survey should be considered as business income, allowing partners' remuneration to be calculated based on this additional business income. This judgment sets a precedent for similar cases, clarifying the treatment of excess remuneration and the allowability of partner remuneration under specific sections of the IT Act. Case-Laws Income Tax Fri, 27 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238413