https://www.taxtmi.com/caselaws?id=304371 The Hon'ble Tribunal upheld the deletion of disallowance of a payment made to ex-partner/spouses of deceased partners, stating it was on account of overriding title on profits. The Court dismissed the Revenue's argument based on a previous case. Regarding the addition on account of the difference in the Exchange Earner Foreign Currency Account, the ITAT found no fault in the assessee's cash system of accounting and deleted the assessing officer's tax claim on the differential amount. The Court upheld the ITAT's decision and dismissed the appeal. en-us Thu, 21 Jul 2011 00:00:00 +0530 Thu, 22 Sep 2022 18:03:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304371 The Hon'ble Tribunal upheld the deletion of disallowance of a payment made to ex-partner/spouses of deceased partners, stating it was on account of overriding title on profits. The Court dismissed the Revenue's argument based on a previous case. Regarding the addition on account of the difference in the Exchange Earner Foreign Currency Account, the ITAT found no fault in the assessee's cash system of accounting and deleted the assessing officer's tax claim on the differential amount. The Court upheld the ITAT's decision and dismissed the appeal. Case-Laws Income Tax Thu, 21 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304371