https://www.taxtmi.com/caselaws?id=283390 The appellate tribunal allowed the appeal in the case concerning the disallowance of remuneration paid to working partners under section 40(b)(v)(2) for the assessment years 2006-07 and 2008-09. The tribunal determined that interest income credited to the P & L account was erroneously included in the remuneration calculation and should not be excluded from business income for computing allowable deductions under section 40(b). Consequently, the tribunal deleted the disallowance of remuneration based on the partnership deed and business activities' nature. The issue of the validity of reopening the assessment was not pursued during the hearing. en-us Mon, 30 Nov 2015 00:00:00 +0530 Sat, 21 Sep 2019 07:16:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283390 The appellate tribunal allowed the appeal in the case concerning the disallowance of remuneration paid to working partners under section 40(b)(v)(2) for the assessment years 2006-07 and 2008-09. The tribunal determined that interest income credited to the P & L account was erroneously included in the remuneration calculation and should not be excluded from business income for computing allowable deductions under section 40(b). Consequently, the tribunal deleted the disallowance of remuneration based on the partnership deed and business activities' nature. The issue of the validity of reopening the assessment was not pursued during the hearing. Case-Laws Income Tax Mon, 30 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283390