https://www.taxtmi.com/caselaws?id=425956 Remuneration and interest credited to a partner are governed by the firm's deduction treatment, and the proviso to section 28(v) applies where such amounts are not allowed as a deduction under section 40B. The mere absence of business profits in the firm did not itself determine the partner's tax liability; the firm's assessment records had to be examined to apply the correct tax treatment. The matter was therefore remanded to the Assessing Officer for fresh decision after verifying the firm's assessment, with the assessee receiving only partial relief. en-us Fri, 22 Jul 2022 00:00:00 +0530 Thu, 04 Aug 2022 18:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425956 Remuneration and interest credited to a partner are governed by the firm's deduction treatment, and the proviso to section 28(v) applies where such amounts are not allowed as a deduction under section 40B. The mere absence of business profits in the firm did not itself determine the partner's tax liability; the firm's assessment records had to be examined to apply the correct tax treatment. The matter was therefore remanded to the Assessing Officer for fresh decision after verifying the firm's assessment, with the assessee receiving only partial relief. Case-Laws Income Tax Fri, 22 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425956