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2012 (12) TMI 236 - AT - Income TaxComputation of salary of partners u/s 40(b)(v) – Computation of book profit to compute salary of partnership firm - Assessee treated compensation for use of shared facilities and license fees for use of name under head PGBP as other income in computing book profit – AO reduces the same from book profit considering it as income from other sources – Whether for the purpose of computation of allowable remuneration to partners, the 'book profit' comprises the entire net profit as shown in the P&L or only profit and gains of business assessed under Chapter IV-D - Held that:- Even if the income from other sources is included in the profit and loss accounts to ascertain the net profit qua book-profit for computation of the remuneration of the partners the same cannot be discarded. In favour of assessee
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