https://www.taxtmi.com/caselaws?id=446371 The Tribunal allowed the appeal, quashing the Principal Commissioner of Income Tax's revisionary order under section 263 of the Income-tax Act, 1961. It held that interest income earned from business activities should be included in the computation of 'book profit' for the purpose of section 40(b)(v) regarding permissible remuneration to partners. The Tribunal relied on precedents from the Gujarat HC, Calcutta HC, and Bombay HC, which supported the inclusion of interest income in 'book profit.' The Tribunal found the revisionary order unjustified and ruled that the circular from CBDT did not apply due to existing judicial precedents. en-us Fri, 01 Sep 2023 00:00:00 +0530 Fri, 01 Dec 2023 14:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446371 The Tribunal allowed the appeal, quashing the Principal Commissioner of Income Tax's revisionary order under section 263 of the Income-tax Act, 1961. It held that interest income earned from business activities should be included in the computation of 'book profit' for the purpose of section 40(b)(v) regarding permissible remuneration to partners. The Tribunal relied on precedents from the Gujarat HC, Calcutta HC, and Bombay HC, which supported the inclusion of interest income in 'book profit.' The Tribunal found the revisionary order unjustified and ruled that the circular from CBDT did not apply due to existing judicial precedents. Case-Laws Income Tax Fri, 01 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446371