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Presumptive income cannot be estimated U/s. 44AD for partners remuneration
Case Law Details
- Case Name
- Mr. A. Anandkumar Vs ACIT (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Chennai
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Mr. A. Anandkumar Vs ACIT (ITAT Chennai)
Conclusion: Partners’ remuneration from firm should not be subject to the application of presumptive interest rate under section 44AD as the same could not be construed as gross receipts or turnover of a business independently carried on by a partner.
Held: Assessee had applied presumptive rate at 8% under section 44AD on remuneration and interest received from partnership firms. AO denied the benefit of section 44AD as section 44AD could be availed only by an eligible assessee engaged in eligible business. Assessee claimed that the interest and sal...
