ITAT Rejects 153A Additions, Allows Partner's Remuneration Expense Following SC Precedent.

The Income Tax Appellate Tribunal (ITAT) ruled that additions made under section 153A for the assessment years 2014-15 to 2018-19 are invalid due to a lack of incriminating material found during a search, aligning with the Supreme Court's precedent in the Abhisar Buildwell case. The Tribunal also allowed remuneration paid to a partner as a business expense under section 37, acknowledging the partner's role in maintaining accounts despite irregular office attendance. This remuneration is taxable under section 28(v) in the partner's hands, which is not disputed. The assessee's appeal was allowed on both counts. .....

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