Claim of deduction u/s 40(b) from undisclosed income surrendered ...

Deduction u/s 40(b) allowed for partners' remuneration from undisclosed income; no revenue loss found.

November 25, 2022

Case Laws Income Tax AT

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 year 2016-2017 is at 30% (same as the normal rate) and the partners of the assessee after considering the remuneration have discharged tax liability more or less at the same rate of 30%. Thus, we are of the view that there is no loss to the revenue - Claim allowed - AT

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Claim of deduction u/s 40(b) from undisclosed income surrendered ...

Deduction u/s 40(b) allowed for partners' remuneration from undisclosed income; no revenue loss found.

November 25, 2022

Case Laws Income Tax AT

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