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2022 (10) TMI 598 - AT - Income TaxRemuneration to partners - assessee has claimed deduction on account of remuneration paid to partners, even in respect of interest income on investment in FDRs etc. - According to the AO, the said interest income was chargeable to tax under the head “income from other sources” and the same, therefore, could not be taken into account for the purpose of allowing deduction to the assessee on account of remuneration paid to the partners under Section 40(b) - HELD THAT:- As the issue involved in this appeal of the Revenue is squarely covered in favour of the assessee by the decision of Co-ordinate Bench of this Tribunal in assessee’s own case for AY 2012-13 [2019 (2) TMI 512 - ITAT AHMEDABAD] as well as the decision in the case of CIT Vs. J.J. Industries, [2013 (7) TMI 577 - GUJARAT HIGH COURT] Respectfully following the said judicial pronouncements, we uphold the impugned order of the learned CIT(A) deleting the addition made by the Assessing Officer on account of disallowance of partners’ remuneration and dismiss the appeal of the Revenue.
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