Interest/Salary received by Partner from partnership Firm Assessable as Business Income

Rashmin Ramniklal Vora Vs ITO (ITAT Ahmedabad) ITAT held that as per specific provision of Section 28(v) of the Income Tax any interest, salary etc. earned by a partner from a partnership firm is taxable under the head profit and gains of business or profession and there is no question of categorizing it under the head income from other sources. Thus, the claim of the assessee for deduction under Section 57(iii) is not justifiable and has rightly been disallowed by the Assessing Officer and the CIT(A). FULL TEXT OF THE ORDER OF ITAT AHMEDABAD The appeal filed by the assessee is against the ord...