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2012 (12) TMI 204 - AT - Income TaxRemuneration to partners - interest income - whether business income or income from other sources for the purpose of computation u/s 40(b) - financial charges (income) were treated by the assessee as “business income” - While claiming the remuneration to partners the said income was considered. – the financial charges are earned as per the provisions of section 56 of I.T. Act. The AO has concluded that the assessee was not entitled to include such interest receipts while working the amount of remuneration to partners u/s.40(b) of IT Act. - – Held that:- Assessee is not in a money lending business but the transaction was nothing but dove-tailed with the business activity of the assessee - appeal of the Assessee is allowed
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