https://www.taxtmi.com/caselaws?id=298090 The ITAT ruled in favor of the assessee, finding that the partnership deed clearly specified and quantified the remuneration to partners, meeting the requirements under section 40(b)(v) of the Income Tax Act, 1961. The AO's disallowance of the remuneration was overturned, emphasizing compliance with the CBDT Circular and highlighting that the partnership deed adequately addressed the remuneration issue. The appeal was allowed, and all grounds of the assessee were accepted, leading to a favorable outcome for the assessee for the assessment year 2007-08. en-us Mon, 21 Jan 2013 00:00:00 +0530 Sat, 09 Oct 2021 10:14:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298090 The ITAT ruled in favor of the assessee, finding that the partnership deed clearly specified and quantified the remuneration to partners, meeting the requirements under section 40(b)(v) of the Income Tax Act, 1961. The AO's disallowance of the remuneration was overturned, emphasizing compliance with the CBDT Circular and highlighting that the partnership deed adequately addressed the remuneration issue. The appeal was allowed, and all grounds of the assessee were accepted, leading to a favorable outcome for the assessee for the assessment year 2007-08. Case-Laws Income Tax Mon, 21 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298090