https://www.taxtmi.com/caselaws?id=268819 For computing the ceiling on partner remuneration under section 40(b), book profit must be taken as reflected in the profit and loss account, and interest income already credited to the accounts cannot be notionally excluded. Applying the binding jurisdictional High Court view, the firm's interest income from surplus funds remained part of book profit for determining the admissible remuneration under the partnership deed. On that basis, the disallowance of partner remuneration was not sustainable and had to be deleted. en-us Tue, 15 Sep 2015 00:00:00 +0530 Thu, 03 Dec 2015 09:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268819 For computing the ceiling on partner remuneration under section 40(b), book profit must be taken as reflected in the profit and loss account, and interest income already credited to the accounts cannot be notionally excluded. Applying the binding jurisdictional High Court view, the firm's interest income from surplus funds remained part of book profit for determining the admissible remuneration under the partnership deed. On that basis, the disallowance of partner remuneration was not sustainable and had to be deleted. Case-Laws Income Tax Tue, 15 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268819