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1997 (12) TMI 2 - SUPREME COURT
Rashiklal is a partner of the firm, Rashiklal and Company - Whether commission paid by the assessee-firm to Sri Rashiklal P. Rathor (individual) is allowable u/s 40(b) - provisions relating to assessment of firms should not be construed in a way to defeat its object. Section 40(b) forbids deduction of any amount paid by way of commission to a partner - the commission received by him from the partnership firm cannot be allowed as a deduction from the business income of the partnership