Case Law: Remuneration to Partners

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ITAT holds that , since the sec. 40(b) does not have any condition, the remuneration payable as per the sec. is allowable, even though the deed has not provided for the quantification as per the cir no. 739 of 11996, whereas it has simply specified that, the remuneration shall be computed as per the sec. 40(b). The ITAT HOLDS that the circular has to be read subject to the sec. 40(b), and allows the remuneration

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