Atul Kumar Gupta. v. ITO (2025) 215 ITD 472 (SMC) (Delhi) (Trib.)

S. 28(v): Business income-Partner-Interest, salary, bonus, remuneration-Chartered accountant-Depreciation-Business expenditure-Any expenditure incurred wholly and exclusively for earning such income, including depreciation, is allowable under sections 32 and 37 [S. 32, 37(1)]

 

Assessee-partner, a chartered accountant, received remuneration from a partnership firm and claimed business-related expenses against such salary; such remuneration is to be treated as business income under section 28(v). Tribunal held that any expenditure incurred wholly and exclusively for earning such income, including depreciation, is allowable under sections 32 and 37, especially when consistently allowed in past years. (AY. 2018-19)

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