Professional Fees to AOP Member Deemed Profit Appropriation, Not Deductible Expense; Payments Seen as Profit Distribution.

Professional Fees to AOP Member Deemed Profit Appropriation, Not Deductible Expense; Payments Seen as Profit Distribution. https://www.taxtmi.com/highlights?id=41483 Additions on account of professional fees paid to a member of the assessee Association of Person [AOP] - the impugned payment were mere appropriation of profits and could not be allowed as a deductible expenditure. The share of the contract receipts was predetermined and the same was nothing but the profit sharing ratio only. en-us Mon, 17 Sep 2018 07:41:19 +0530 Mon, 17 Sep 2018 07:41:19 +0530 TaxTMI RSS Generator Professional Fees to AOP Member Deemed Profit Appropriation, Not Deductible Expense; Payments Seen as Profit Distribution. https://www.taxtmi.com/highlights?id=41483 Additions on account of professional fees paid to a member of the assessee Association of Person [AOP] - the impugned payment were mere appropriation of profits and could not be allowed as a deductible expenditure. The share of the contract receipts was predetermined and the same was nothing but the profit sharing ratio only. Highlights Income Tax Mon, 17 Sep 2018 07:41:19 +0530 https://www.taxtmi.com/highlights?id=41483