Interest Income cannot be excluded for computing eligible remuneration of Partners

Mac Industries Vs ITO (ITAT Surat) No disallowance as AO did not get jurisdiction to go behind net profit shown by Profit and Loss Account except adjustments as per Explanation 3 Conclusion: Addition on account of interest incomes to be excluded in the computation of book profits was not justified by AO as per Explanation 3 of section 40(b), AO did not get jurisdiction to go behind net profit shown by Profit and Loss Account, except to the extent of the adjustments provided in the Explanation 3, nor he was empowered to decide under which head the income was to be taxed. The net profit as shown...