Estimation of Net Profit before remuneration to Partners - The discretion exercised about how much...

Estimation of Net Profit before remuneration to Partners - The discretion exercised about how much remuneration shall be paid to the partners is upon the discretion of the assessee firm cannot be basis to doubt the net profit itself. It is a settled position of law that revenue cannot sit into the armchair of the businessman and question the reasonableness of expenditure. - AT .....

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