https://www.taxtmi.com/highlights?id=55350 Income declared in the survey carried out u/s 133A - Disallowance of salary to partners claimed u/s.40(b) - We are confronted with a situation, in which both the source and destination are business inasmuch as the source of the income is business and the destination of such income is again in the nature of business assets, that is, stock, cash and receivables. - As a fortiori, such an income will be considered as `Business income’ covered under Chapter IV-D of the Act forming part of book-profit for the purposes of allowing remuneration to partners. - AT en-us Sat, 31 Oct 2020 16:12:45 +0530 Sat, 31 Oct 2020 16:12:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=55350 Income declared in the survey carried out u/s 133A - Disallowance of salary to partners claimed u/s.40(b) - We are confronted with a situation, in which both the source and destination are business inasmuch as the source of the income is business and the destination of such income is again in the nature of business assets, that is, stock, cash and receivables. - As a fortiori, such an income will be considered as `Business income’ covered under Chapter IV-D of the Act forming part of book-profit for the purposes of allowing remuneration to partners. - AT Highlights Income Tax Sat, 31 Oct 2020 16:12:45 +0530 https://www.taxtmi.com/highlights?id=55350