Suresh Sreeram v. ITO (2021) 188 ITD 599 (Bang.)(Trib.)

S. 28(i) : Business income-Firm-Partner-Set off of loss-Interest, salary, bonus, commission or remuneration received or receivable from firm by partners-Assessable as business or profession-Expenditure incurred to earn such income allowable as deduction. [S. 37(1), 70]

Held that interest, salary, bonus, commission or remuneration received or receivable from firm by partners shall be assessable in hands of partners as income from business or profession and partner shall be entitled to all expenditure which is incurred to earn such income. On the facts since there was loss under head profits and gains from business and profession the assessee was entitled to set off said loss against other income under same head. (AY. 2016-17)