working partner; or (ii) any payment of remuneration to any partner who is a working partner, or of interest to any partner, which, in either ... payment of remuneration to any partner who is a working partner, or of interest to any partner, which, in either case, is authorised
partner not being a working partner] [ Inserted by Act 21 of 1998, Section 45 (w.e.f. 1.4.1999).] : [Provided that undisclosed income of the firm
principal partner has
reason to believe that any working partner or partners
is/are not working and conducting to the best interest of
the firm ... partner's implied authority :
The partners in a firm may, by contract
between the partners, extend or restrict the
implied authority of any partner
nothing to indicate splitting of capacities of a partner making distinction between a partner obliged to work and one not obliged to work under ... working partner ; or
(ii) any payment of remuneration to any partner who is a working partner, or of interest to any partner, which, in either
that behalf indicated that
the son had been admitted as a working partner, having 35
per cent share in the profits and losses ... could become partners of a firm of
which the joint Hindu family represented by
its karta is itself a partner.
If a partner by putting
working partner; or
(ii) any payment of remuneration to any partner who is a
working partner, or of interest to any partner, which, in either ... share of
the partners as allocable from the net profits.
2. That both the partners (hereinafter referred as
working partners), shall devote their time
case of a firm having- (i) not more than two working partners one lakh of rupees, or (ii) three working partners, one and a half ... lakhs of rupees, or (iii) four or more working partners, two lakhs of rupees, or (c) in the case of a Hindu undivided family
Kumar Stone Works Partner Inder Singh ... vs State Of U.P. Through Principal ... on 27 April, 2005
Equivalent citations: 2005(3)AWC2177
Author
upholding disallowance of Rs.68,000/- paid as salary to the working partners.
2. The assessee firm filed a return declaring an income ... Officer found that the assessee claimed deduction of remuneration to four working partners @ Rs. 17,000/- per partner. This way, a total
aforementioned HUF, while Tikoji Rao and Satyanarayana were described as working partners. Their shares were fixed in the ratio of 2 : 1 : 1. Registration ... stranger-partner contributes his labour and skill thus working as a working partner, similarly a member of the HUF contributes his labour and skill
