https://www.taxtmi.com/caselaws?id=429040 The Tribunal dismissed the Revenue's appeal, upholding the decision of the CIT(A) to delete the addition made by the Assessing Officer on account of disallowance of partners' remuneration under Section 40(b) of the Income-tax Act, 1961. The Tribunal relied on precedents from the ITAT and the Gujarat High Court, emphasizing that interest income should not be excluded for determining the allowable deduction of remuneration paid to partners. The decision favored the assessee, confirming the deletion of the addition and highlighting the consistent interpretation of the law and judicial precedents. en-us Fri, 30 Sep 2022 00:00:00 +0530 Sat, 15 Oct 2022 21:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429040 The Tribunal dismissed the Revenue's appeal, upholding the decision of the CIT(A) to delete the addition made by the Assessing Officer on account of disallowance of partners' remuneration under Section 40(b) of the Income-tax Act, 1961. The Tribunal relied on precedents from the ITAT and the Gujarat High Court, emphasizing that interest income should not be excluded for determining the allowable deduction of remuneration paid to partners. The decision favored the assessee, confirming the deletion of the addition and highlighting the consistent interpretation of the law and judicial precedents. Case-Laws Income Tax Fri, 30 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429040