Sunday, 26 May 2013

If sec. 40(b) conditions are satisfied, salary paid to partner can’t be disallowed under sec. 40A(2)

IT : Where terms of partnership deed specifically provided payment of remuneration to working partners and remuneration paid to working partners was within provision of clause (v) of sub-section (b) of section 40, no disallowance of remuneration on account of being excessive warranted


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