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2013 (11) TMI 1064 - AT - Income TaxRemuneration to partner - Held that:- In assessee’s case the remuneration is clearly specified to be computed in the manner provided by Explanation 3 to Section 40(b) of the I.T. Act. The remuneration clause is further clarified in various clauses of the partnership deed - The terms and conditions of the assessee’s partnership deed are specific and cannot be termed as non-specific - Following Durga Dass Devki Nandan Vs. ITO [2011 (3) TMI 20 - HIMACHAL PRADESH HIGH COURT] - CBDT issued circular No.739, dated 25.3.1996 - for the assessment year 1996-97 and subsequent thereto, the circular provided that unless the partnership deed specified the amount of remuneration payable to each individual working partner or lays down the manner of quantifying such remuneration, the benefit of Section 40(b)(v) would not be available to the assessee Firm - Decided against Revenue. TDS not deposited within the time limite - Held that:- Following CIT Vs. Naresh Kumar [2013 (9) TMI 275 - DELHI HIGH COURT] - Sec. 40(a)(ia) will not be attracted in case where relevant TDS is deposited before due date of filing of the return - The amended provision clearly states that the expression “said due date” used in clause A of proviso to unamended section refers to time specified in Section 139(1) of the Act. The amended section 40(a)(ia) expands and further liberalises the status when it stipulates that deductions made in the first eleven months of the previous year but paid before the due date of filing of the return, will constitute sufficient compliance - Decided against Revenue.
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