https://www.taxtmi.com/caselaws?id=410451 The Tribunal upheld the CIT(A) orders for AYs 2009-10 & 2010-11, emphasizing the significance of the partnership deed in determining the allowance of interest and remuneration. The appeals by Revenue were dismissed based on alignment with relevant case law and specific clauses in the partnership deed, which explicitly stated no interest on capital or remuneration was payable to partners. The penalty under section 271(1)(c) was deleted for both assessment years due to the deletion of additions/disallowances forming the penalty basis. en-us Thu, 29 Jul 2021 00:00:00 +0530 Mon, 02 Aug 2021 09:05:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410451 The Tribunal upheld the CIT(A) orders for AYs 2009-10 & 2010-11, emphasizing the significance of the partnership deed in determining the allowance of interest and remuneration. The appeals by Revenue were dismissed based on alignment with relevant case law and specific clauses in the partnership deed, which explicitly stated no interest on capital or remuneration was payable to partners. The penalty under section 271(1)(c) was deleted for both assessment years due to the deletion of additions/disallowances forming the penalty basis. Case-Laws Income Tax Thu, 29 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410451