Remuneration to Partner -Supplementary deed operates retrospectively if as per law

Jetkool Exports India Vs National E-Assessment Centre (ITAT Mumbai) It is an admitted fact that the assessee being a partnership firm was entitled to deduction in respect of the remuneration payable to the partners as per clause 7 of the Partnership Deed. This in turn depends on the provision of Income Tax Act, 1961 which facilitate remuneration pay out allowable for partnership firms. The assessee vide registered partnership deed dated 01.08.2005 was entitled to deduction with regard to the remuneration payable to partners. Since inception, the assessee was bound by the old provisions of sect...