ITAT deletes addition of share of profit from Partnership Firm

Ajay Verma Vs ITO (ITAT Lucknow)

Asessing Officer made the additions on account of 50% share of profit and partner’s salary as the Assessing Officer has held that no ITR/balance sheet/P&L account of Partnership Firm was filed to substantiate the claim. Before CIT(A) assessee filed detailed ITR of the firm and also filed the copy of partnership deed wherein the remuneration was mentioned in the partnership deed. It was also submitted that firm had paid tax as per the law on the profit and distributed the remaining profits to partners as per the pro

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