https://www.taxtmi.com/caselaws?id=57205 The ITAT allowed the assessee's appeal, directing the AO to permit the deduction of Rs. 2,40,000 as remuneration to partners, finding the payment within statutory limits and the partners as working partners. Additionally, the ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the disallowance of Rs. 3,83,623 in interest on borrowed amounts, noting the consistency in treatment and reduction in partners' debit balances. en-us Fri, 16 Dec 2005 00:00:00 +0530 Sat, 06 Apr 2024 10:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57205 The ITAT allowed the assessee's appeal, directing the AO to permit the deduction of Rs. 2,40,000 as remuneration to partners, finding the payment within statutory limits and the partners as working partners. Additionally, the ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the disallowance of Rs. 3,83,623 in interest on borrowed amounts, noting the consistency in treatment and reduction in partners' debit balances. Case-Laws Income Tax Fri, 16 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57205