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1 - 3 of 3 (0.23 seconds)Section 56 in The Income Tax Act, 1961 [Entire Act]
Acit.,(Osd),Circle-9,, Ahmedabad vs Purshottam Prabhudas Patel,, ... on 9 February, 2017
From the above facts and proposition laid down by Hon'ble jurisdictional High Court,
we hold that the income disclosed by the assessee-firm during the course of search
was business income and the assessee is eligible for deduction of remuneration and
interest paid to partners in terms of Section 40(b) of the Act. We uphold the order of
CIT(A) on this issue and Revenue's issue is dismissed.
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