https://www.taxtmi.com/caselaws?id=432108 The High Court affirmed the Tribunal's decision that remuneration paid to partners was not deductible under Section 40(b)(v) of the Income Tax Act, 1961, as the partnership deed did not specify the remuneration for working partners. The Court held that the circular by the CBDT did not alter the requirement for explicit authorization in the partnership deed. The appeal was dismissed for lack of merit, with no costs awarded, as no substantial legal question arose from the Tribunal's order. The ruling emphasized the importance of clear authorization in partnership deeds for claiming deductions under Section 40(b)(v). en-us Wed, 14 Dec 2022 00:00:00 +0530 Fri, 13 Oct 2023 16:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432108 The High Court affirmed the Tribunal's decision that remuneration paid to partners was not deductible under Section 40(b)(v) of the Income Tax Act, 1961, as the partnership deed did not specify the remuneration for working partners. The Court held that the circular by the CBDT did not alter the requirement for explicit authorization in the partnership deed. The appeal was dismissed for lack of merit, with no costs awarded, as no substantial legal question arose from the Tribunal's order. The ruling emphasized the importance of clear authorization in partnership deeds for claiming deductions under Section 40(b)(v). Case-Laws Income Tax Wed, 14 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432108