https://www.taxtmi.com/caselaws?id=407321 For partners' remuneration under section 40(b)(v), book profit is the net profit shown in the profit and loss account, subject only to the statutory adjustments in the Explanation. Income credited in that account, including fixed deposit interest and income-tax refund, cannot be excluded merely because it may be assessable under another head. The provision does not require segregation of receipts in the profit and loss account for computing book profit, and binding precedent supported inclusion of such income. On that basis, the disallowance of partners' remuneration was held unsustainable and the assessee's position was accepted. en-us Mon, 19 Oct 2020 00:00:00 +0530 Fri, 07 May 2021 11:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407321 For partners' remuneration under section 40(b)(v), book profit is the net profit shown in the profit and loss account, subject only to the statutory adjustments in the Explanation. Income credited in that account, including fixed deposit interest and income-tax refund, cannot be excluded merely because it may be assessable under another head. The provision does not require segregation of receipts in the profit and loss account for computing book profit, and binding precedent supported inclusion of such income. On that basis, the disallowance of partners' remuneration was held unsustainable and the assessee's position was accepted. Case-Laws Income Tax Mon, 19 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407321