Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2002 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2002 (11) TMI 37 - HC - Income Tax"Whether, Tribunal was justified in law in holding that the provisions of section 40(b) of the Act were applicable in relation to (a) salary amount to Rs. 42,000 paid to Shri N.R. Shah, (b) consultancy fees of Rs. 12,000 paid to Shri V.R. Shah, and (c) professional fees of Rs. 4,500 paid to Shri S.R. Shah, in their individual capacities even though each of them was a partner in the assessee-firm in his capacity as karta of his Hindu undivided family?" - we are of the view that the Tribunal and other revenue authorities were justified in disallowing the amount of expenditure incurred by the assessee-firm in the nature of salary and consultation fees paid to its partners. - we answer the question referred to us in the affirmative, i.e., in favour of the Revenue and against the assessee.
|