Home Highlights September 2013 Year 2013 This

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1. Disallowance of remuneration paid to working partners - instead of specified remuneration in the partnership deed, it is linked to provisions of section 40(b)(v) income...

2. Income on account of interest treated as income from other sources – Disallowance of remuneration to partners from interest income - deduction allowed considering as...

3. Disallowance of interest expenses – partners are entitled to hold the properties belonging to the partnership firm in their individual name, provided it is explicitly...

4. Disallowance made u/s 144 and 184(v) of the Act - Salary paid to partners not allowable - AT

5. Disallowance of salary and interest paid to the partners - it is not a case where the assessment is made by the AO u/s.144 of the Act. It is a case where assessment...

6. Rejection of books result - estimation of NP @5% of gross contractual receipts - assessee firm is entitled for separate deduction of depreciation, interest and salary...

7. Salary income of the assessee on which he had been subjected to deduction of tax at source, cannot be categorised as “undisclosed income” as defined in section 158BB - HC

8. Assessment having been made u/s 144 and with clear provisions of section 184(5), the ld. CIT(A) is not justified in allowing interest and salary to the partners - AT

9. TDS u/s 192 - commission paid to partner - considering the provisions of Explanation 2 to Section 15 of the Act which includes salary, bonus, commission or remuneration...

10. Claim of deduction u/s 40(b) from undisclosed income surrendered during survey - Salary / Remunaration of partners - the tax rate specified u/s. 115BBE for assessment...