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2011 (11) TMI 3 - HC - Income TaxDisallowance towards salary/remuneration paid to the partners on the ground of violation of Section 40(b)(v). - Held that:-The manner of computing the remuneration is not specified. On the other hand, the remuneration payable is left to future mutual agreement between the partners who are entitled to decide and quantify the quantum. Remuneration can be any amount or figure but not more than the maximum amount stated in Section 40(b)(v) of the Act. Therefore, the requirements of Section 40(b)(v) are not satisfied.
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