https://www.taxtmi.com/caselaws?id=405620 The Tribunal allowed the appeal, ruling that the Pr. Commissioner of Income Tax's order under Section 263 was invalid. The remuneration paid to working partners was correctly quantified and allowable under Section 40(b)(v) of the Income-tax Act. The assessment order was deemed neither erroneous nor prejudicial to the Revenue's interest, maintaining consistency with previous treatment. The PCIT failed to meet the necessary conditions to invoke Section 263. The appeal was granted, directing the AO to uphold the remuneration to partners, and the PCIT's order was considered unsustainable. en-us Tue, 23 Mar 2021 00:00:00 +0530 Wed, 24 Mar 2021 09:08:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405620 The Tribunal allowed the appeal, ruling that the Pr. Commissioner of Income Tax's order under Section 263 was invalid. The remuneration paid to working partners was correctly quantified and allowable under Section 40(b)(v) of the Income-tax Act. The assessment order was deemed neither erroneous nor prejudicial to the Revenue's interest, maintaining consistency with previous treatment. The PCIT failed to meet the necessary conditions to invoke Section 263. The appeal was granted, directing the AO to uphold the remuneration to partners, and the PCIT's order was considered unsustainable. Case-Laws Income Tax Tue, 23 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405620