Presumptive income cannot be estimated U/s. 44AD for partners remuneration

Mr. A. Anandkumar Vs ACIT (ITAT Chennai)

Conclusion: Partners’ remuneration from firm should  not be subject to the application of presumptive interest rate under section 44AD as the same could not be construed as gross receipts or turnover of a business independently carried on by a partner.

Held: Assessee had applied presumptive rate at 8% under section 44AD on remuneration and interest received from partnership firms. AO denied the benefit of section

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