https://www.taxtmi.com/highlights?id=77921 The ITAT Surat held that interest and remuneration received by the assessee as a partner of a firm are taxable u/s 28(v) of the Act. The assessee can claim deductions u/s 30 to 43D. Expenditure claimed u/s 37 must meet specific criteria: not covered by u/s 30-36, not capital, not personal, for business/profession, incurred in the year, not illegal. The car-related expenses claimed lacked evidence of business use. 50% allowed for business use, reducing disallowed amount to Rs. 2,71,322. The assessee's appeal partly allowed. en-us Wed, 29 May 2024 13:32:55 +0530 Wed, 29 May 2024 13:32:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=77921 The ITAT Surat held that interest and remuneration received by the assessee as a partner of a firm are taxable u/s 28(v) of the Act. The assessee can claim deductions u/s 30 to 43D. Expenditure claimed u/s 37 must meet specific criteria: not covered by u/s 30-36, not capital, not personal, for business/profession, incurred in the year, not illegal. The car-related expenses claimed lacked evidence of business use. 50% allowed for business use, reducing disallowed amount to Rs. 2,71,322. The assessee's appeal partly allowed. Highlights Income Tax Wed, 29 May 2024 13:32:55 +0530 https://www.taxtmi.com/highlights?id=77921