https://www.taxtmi.com/caselaws?id=180686 For computing partner remuneration under section 40(b), the relevant book profit is the net profit shown in the profit and loss account after the prescribed adjustments, and interest on bank FDRs and other interest income cannot be excluded merely by reclassifying it under a different head of income. The Tribunal also sustained the telephone and vehicle insurance disallowances, reduced the function expense disallowance as excessive, and upheld the disallowance of interest on interest-free advances because no business purpose was shown. The assessee obtained only partial relief, confined to inclusion of the interest income in book profit for section 40(b) purposes. en-us Fri, 26 Feb 2010 00:00:00 +0530 Thu, 01 Sep 2016 14:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180686 For computing partner remuneration under section 40(b), the relevant book profit is the net profit shown in the profit and loss account after the prescribed adjustments, and interest on bank FDRs and other interest income cannot be excluded merely by reclassifying it under a different head of income. The Tribunal also sustained the telephone and vehicle insurance disallowances, reduced the function expense disallowance as excessive, and upheld the disallowance of interest on interest-free advances because no business purpose was shown. The assessee obtained only partial relief, confined to inclusion of the interest income in book profit for section 40(b) purposes. Case-Laws Income Tax Fri, 26 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180686