Income declared in the survey carried out u/s 133A - ...

Income Tax

October 31, 2020

Income declared in the survey carried out u/s 133A - Disallowance of salary to partners claimed u/s.40(b) - We are confronted with a situation, in which both the source and destination are business inasmuch as the source of the income is business and the destination of such income is again in the nature of business assets, that is, stock, cash and receivables. - As a fortiori, such an income will be considered as `Business income’ covered under Chapter IV-D of the Act forming part of book-profit for the purposes of allowing remuneration to partners. - AT

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Income declared in the survey carried out u/s 133A - ...

Income Tax

October 31, 2020

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