https://www.taxtmi.com/caselaws?id=178946 The Tribunal dismissed the Revenue's appeal against the CIT(A) order for the assessment year 2007-08 under section 143(3) of the Income Tax Act, 1961. The dispute centered on the disallowance of deduction u/s 80IC amounting to Rs. 24,16,700. The Tribunal ruled that the Assessing Officer wrongly applied section 80IA(10) as the payments were not made based on mutual agreement among partners, leading to higher profits. The Tribunal upheld the CIT(A) decision to delete the disallowance of deduction u/s 80IC, citing the absence of actual payments and liabilities for remuneration and interest. The Revenue's appeal was dismissed on May 13, 2011. en-us Fri, 13 May 2011 00:00:00 +0530 Tue, 16 Feb 2016 17:47:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178946 The Tribunal dismissed the Revenue's appeal against the CIT(A) order for the assessment year 2007-08 under section 143(3) of the Income Tax Act, 1961. The dispute centered on the disallowance of deduction u/s 80IC amounting to Rs. 24,16,700. The Tribunal ruled that the Assessing Officer wrongly applied section 80IA(10) as the payments were not made based on mutual agreement among partners, leading to higher profits. The Tribunal upheld the CIT(A) decision to delete the disallowance of deduction u/s 80IC, citing the absence of actual payments and liabilities for remuneration and interest. The Revenue's appeal was dismissed on May 13, 2011. Case-Laws Income Tax Fri, 13 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178946