CPC can’t disallow Partners remuneration for not submitting deed with ROI

Mayur Wines Vs NFAC (ITAT Pune) Introduction: In the recent Mayur Wines Vs NFAC case, ITAT Pune provided significant clarification concerning the deductibility of partnership remuneration under Section 40(b) of the Income Tax Act, 1961. The tribunal, in reversing the order of the National Faceless Appeal Centre (NFAC), emphasised the lack of statutory requirement for the inclusion of the partnership deed with the return of income for claiming the deduction. Analysis: The appeal by Mayur Wines, a partnership firm in the liquor business, arose following an intimation under Section 154 of the Act...