Case Law Details
Case Name : Commissioner of Income Tax Vs M/s. The Asian Marketing (Rajasthan High Court at Jaipur)
Related Assessment Year :
Courts :
All High Courts Rajasthan High Court
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The only dispute by the Revenue is that the amount of remuneration has not been quantified in the partnership deed. It is mentioned in clause 8 of the partnership deed that remuneration will be payable as per norms fixed by the relevant provisions of the Income-tax Act. Thus the quantification of the remuneration is apparent from the clause 8 of the partnership deed.
The requirement in law is that remuneration should have been authorized and the amount of remuneration shall not exceed the amount as mentioned in sub-clause (v)
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