Allowability of the interest paid to the partner by the assessee ...

Income Tax

June 25, 2021

Allowability of the interest paid to the partner by the assessee firm calculating on the opening balance of the capital account of the partner without considering the subsequent withdrawals made by the partner - the Assessing Officer has rightly allowed the claim on pro-rata basis i.e. the average of opening and closing balance was taken as eligible amount while allowing the interest paid to the partner - AT

View Source

← Previous Next →

Allowability of the interest paid to the partner by the assessee ...

Income Tax

June 25, 2021

You may also like:

Penalty u/s 271C – reasonable cause - The assessees are partners in a firm – Both the assessees has paid interest to firm without deducting tax at source - No penalty - AT

Reconstitution of firm - relinquishment of right and interest in the erstwhile firm - transfer u/s 2(47) - admission of the new partners - No transfer - HC

Disallowance of interest on account of excess payment to the partners on the capital account - the approach of the AO in calculating the interest by considering only the...

Disallowance of interest u/s. 36(1)(iii) - partners of the assessee firm had over withdrawn an amount as in excess of what was brought by them in the firm - the assessee...

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

Dissolution of partnership - taxability of sum received by a partner - Any amount paid to a partner as his share on dissolution of the partnership firm cannot be...

Interest paid to its partners - section 36(1)(iii) is not at all applicable for the purposes of computation of interest to partners under section 40(b) - The interest...

Disallowance of interest expenditure in the hands of partner - investment as capital in the business of the partnership firm - Absence of earning any interest income on...

Disallowance of remuneration paid to the partners of the assessee firm - Once the remuneration paid to the partners is in accordance of the provisions of Section...

Characterization of interest income from the partnership firm as business income - Presumptive income @8% u/s 44AD - Interest and salary received by the assessee from...

Quick Updates: