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Income Tax - Highlights / Catch Notes

Home Highlights August 2012 Year 2012 This

Denial of claim of deduction of partnership remuneration and ...

Income Tax

August 6, 2012

Denial of claim of deduction of partnership remuneration and interest - the status of appellant has to be taken as AOP - no genuine partnership firm was in existence - AT

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  1. Status of the partnership firm treated as AOP - partnership deed is executed on an inadequate stamp paper - Department is accepting all the genuineness of existence of...

  2. Dis-allowance u/s 14A of notional interest paid on loan taken for capital contribution in partnership firm - partnership firm - provisions of section 14A are not...

  3. Claim of deduction on business expenses incurred for earning remuneration from the firm - assessee a qualified Chartered Accountant was a partner in two firms -...

  4. Status of assessee as "AOP" instead of "partnership firm" - The assessee firm was comprised of four individual partners who were representing their respective firms -...

  5. Deduction u/s 80IB - AO observed that, partner did not claim remuneration and interest on capital from the firm in order to claim the higher deduction under section...

  6. Unexplained bank deposit - ingenuity of firm - AO doubted that the partnership deed was not registered - that cannot be made a basis for not treating the firm as a genuine - AT

  7. Disallowance u/s 57(ii) - interest paid on overdrawn capital with partnership firm - deduction allowed from interest income - AT

  8. Disallowance of remuneration/ commission - drawing remuneration from partnership firms - there is no law (Income tax & Partnership Act) which prohibits a person to work...

  9. 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...

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

 

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