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2019 (12) TMI 1111 - AT - Income TaxClaim of interest on capital and remuneration to partners from the assessed income - Scope of the partnership Deed - CIT(A) was of the opinion that since profit has been estimated on gross receipts after survey u/s 133A of the Act, the assessee is not entitled for any further deduction. - HELD THAT:- We find that partnership deed dated 01.05.2008 at clause 8 contains provision for interest on capital @ 12% per annum and clause 17 provides for remuneration to whole time working partners and method of computation of remuneration is also provided. Vide supplementary deed dated 01.04.2010, manner of paying remuneration to whole time working partners have been revised. We find that in Assessment Years 2009-10 to 2011-12, the assessee has been claiming interest on capital and remuneration to partners, which are verifiable from the computation of income placed in the paper book. As relying on VIJAY CONSTRUCTIONS [2006 (8) TMI 607 - ALLAHABAD HIGH COURT] we direct the Assessing Officer to allow remuneration to the partners and interest on capital as per provisions of law.
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