https://www.taxtmi.com/caselaws?id=249459 The reassessment proceedings initiated under Section 147/148 were upheld as valid. The disallowance of remuneration paid to partners under Section 40(b) was upheld due to the partnership deed not meeting statutory requirements. The penalty proceedings under Section 271(1)(c) were dismissed, recognizing the bonafide nature of the assessee's claim. Final orders allowed ITA No. 4738 for A.Y. 2003-04 and ITA No. 4739 for A.Y. 2005-06, while ITA No. 4740 for A.Y. 2007-08 was dismissed. Cross objections were also dismissed. en-us Thu, 30 Aug 2012 00:00:00 +0530 Mon, 14 Jul 2014 12:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249459 The reassessment proceedings initiated under Section 147/148 were upheld as valid. The disallowance of remuneration paid to partners under Section 40(b) was upheld due to the partnership deed not meeting statutory requirements. The penalty proceedings under Section 271(1)(c) were dismissed, recognizing the bonafide nature of the assessee's claim. Final orders allowed ITA No. 4738 for A.Y. 2003-04 and ITA No. 4739 for A.Y. 2005-06, while ITA No. 4740 for A.Y. 2007-08 was dismissed. Cross objections were also dismissed. Case-Laws Income Tax Thu, 30 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249459