https://www.taxtmi.com/caselaws?id=200729 For computing book profit for partners' remuneration under section 40(b), the profit must be taken as the net profit shown in the profit and loss account as computed under Chapter IV-D, and brought forward business loss is not first to be set off for this purpose. On that construction, the permissible remuneration is determined before any prior-year loss adjustment, and the lower authorities erred in reducing book profit by earlier losses. The disallowance of partners' remuneration is therefore not sustainable. en-us Thu, 13 Apr 2017 00:00:00 +0530 Thu, 19 Apr 2018 05:33:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200729 For computing book profit for partners' remuneration under section 40(b), the profit must be taken as the net profit shown in the profit and loss account as computed under Chapter IV-D, and brought forward business loss is not first to be set off for this purpose. On that construction, the permissible remuneration is determined before any prior-year loss adjustment, and the lower authorities erred in reducing book profit by earlier losses. The disallowance of partners' remuneration is therefore not sustainable. Case-Laws Income Tax Thu, 13 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200729