Payment of remuneration made to a retired partner - assessee ...

Assessee Wins: Court Allows Remuneration Payment to Retired Partner, Rejects AO's Interpretation of Partnership Deed Clause.

November 21, 2015

Case Laws Income Tax AT

Payment of remuneration made to a retired partner - assessee contended that AO’s observation to the effect that the clause of the partnership deed creating liability to pay certain amount to the retiring partner is “defeating the intention of the legislature” and thus, the clause supersedes the provisions of the Income–tax Act itself, is not only whimsical, but also fanciful; and that there is no basis for this wide sweeping, but wrong observation - Contention accepted - claim allowed - AT

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Payment of remuneration made to a retired partner - assessee ...

Assessee Wins: Court Allows Remuneration Payment to Retired Partner, Rejects AO's Interpretation of Partnership Deed Clause.

November 21, 2015

Case Laws Income Tax AT

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