Allowing the appeal the Tribunal held that, the assessee in its supplementary partnership deed mentioned that the amended provisions of S. 40(b) would be applied as applicable for the year 2013-14. Remuneration paid to partners is held to be allowable. (AY. 2013-14)
S. K. Diamonds v. DCIT (2018) 65 ITR 80 (SN) (Ahd.)(Trib.)
S. 40(b)(i) : Amounts not deductible-Working partner– Remuneration–Supplementary partnership deed mentioning that amended provisions of S 40(b) is applicable -Deduction is available.