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2020 (2) TMI 588 - HC - Income TaxRevision u/s 263 - claim of the deduction u/s. 80IB - HELD THAT:- Revenue stand squarely covered by the decision of this Court in the case of Principal Commissioner of Income Tax vs. Alidhara Taxspin Engineers & Anr. [2017 (5) TMI 1684 - GUJARAT HIGH COURT] held that on interpretation of the partnership agreement and considering the wish of the partners reflected in the partnership deed, not to pay/charge interest on the partners capital and the remuneration, the learned tribunal has rightly deleted the disallowance made by the Assessing Officer with respect to the deduction claimed under Section 80IB. As rightly observed by the tribunal, mere incorporation of interest on the partners’ capital and remuneration does not signify that the same are mandatory in nature. We concur with the view taken by the learned tribunal. No substantial questions of law.
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