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2018 (6) TMI 93 - ITAT RANCHITaxability of remuneration and interest received from partnership firm as business income - Held that:- We found strength in the arguments of ld. AR on perusal of the Section 28(v) of the Act which specifically mentions that the charge ability of interest income the remuneration of the partners - Interest income and remuneration are as per the provision of Act are taxable as business income Allowability of expenditure as claimed as deduction in the business income - Held that:- We find that the assessee’s income is chargeable under the business income as discussed above also the assessee is entitled for the claim of expenditure which is wholly exclusively utilized for the earning of above income are allowable. AO has disputed the genuineness of the expenses, therefore, we are of the opinion that the assessee should not be deprived to claim the addition if allowable. Accordingly, we direct the AO to verify the expenditure as claimed on the business income Charging of interest u/s.234A & 234B which is consequential, and the AO is directed to calculate the interest u/s.234A & 234B of the Act as per the law laid down by the Hon’ble jurisdictional High Court in case of Ajay Prakash Verma [2013 (1) TMI 140 - JHARKHAND HIGH COURT]
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