https://www.taxtmi.com/caselaws?id=9065 The High Court ruled in favor of the assessee, finding the agreement genuine and the remuneration paid for services rendered by Shri Laxmi Narain. It held that the amount paid was a necessary business expenditure, not an application of income. The Court determined that deductions allowable to partners are not limited to those under Section 67 of the Income-tax Act, allowing for broader allowances under Section 37. The Court affirmed that the payment to Shri Laxmi Narain was a valid deduction from the assessee's share income from the firm. en-us Thu, 31 Jan 1974 00:00:00 +0530 Fri, 19 Jun 2009 11:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9065 The High Court ruled in favor of the assessee, finding the agreement genuine and the remuneration paid for services rendered by Shri Laxmi Narain. It held that the amount paid was a necessary business expenditure, not an application of income. The Court determined that deductions allowable to partners are not limited to those under Section 67 of the Income-tax Act, allowing for broader allowances under Section 37. The Court affirmed that the payment to Shri Laxmi Narain was a valid deduction from the assessee's share income from the firm. Case-Laws Income Tax Thu, 31 Jan 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9065