Allowable deduction of remuneration paid to the partners u/s 40(b) - selection of the any head of...

Allowable deduction of remuneration paid to the partners u/s 40(b) - selection of the any head of income, more particularly of the head "Profit or gain of business or profession", is nowhere required or envisaged by the Legislature. That is, there is no warrant to select the head of income so far as the computation of the permissible amount of deduction of the remuneration under section 40(b) is concerned. As per Explanation 3 of section 40(b) of the Act, Assessing Officer does not get the juris..... .....

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