The assessee had mentioned in its partnership deed that the partners shall be\u00a0 entitle to draw salary to the extent allowable under income-tax Act\u00a0 but shall be drawing salary to maximum of Rs 24 lakhs each per annum. The assessee claimed 36 lakhs of remuneration paid to its partners at the rate of Rs. 12 lakh each under section 40(b) of the Act. The Assessing Officer allowed the deduction. The Commissioner revised the order on the ground that remuneration of partners was not quantified in the partnership deed. On appeal the Tribunal held that view of the Assessing Officer being a plausible view\u00a0 could not be considered as erroneous or prejudicial to interest of the Revenue. (AY. 2015-16)<\/p>\n
\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Remuneration-Partnership deed-Allowable as per income tax Act-Maximum of Rs. 24 lakhs each per annum-Revision is not valid.[S. 40(b)(v)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-37281","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9Hj","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37281","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=37281"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37281\/revisions"}],"predecessor-version":[{"id":37282,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37281\/revisions\/37282"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=37281"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=37281"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=37281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}