The ITAT Surat held that interest and remuneration received by ...

Allowability of expenditure u/s 37(1) against partner's interest & remuneration. Deductions allowed for business expenses.

May 29, 2024

Case Laws Income Tax AT

The ITAT Surat held that interest and remuneration received by the assessee as a partner of a firm are taxable u/s 28(v) of the Act. The assessee can claim deductions u/s 30 to 43D. Expenditure claimed u/s 37 must meet specific criteria: not covered by u/s 30-36, not capital, not personal, for business/profession, incurred in the year, not illegal. The car-related expenses claimed lacked evidence of business use. 50% allowed for business use, reducing disallowed amount to Rs. 2,71,322. The assessee's appeal partly allowed.

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The ITAT Surat held that interest and remuneration received by ...

Allowability of expenditure u/s 37(1) against partner's interest & remuneration. Deductions allowed for business expenses.

May 29, 2024

Case Laws Income Tax AT

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