Remuneration shared in profit-sharing ratio as per Partnership Deed allowable

Luthra & Luthra Law Offices Vs ACIT (ITAT Delhi) Hon’ble Delhi High Court in the case of Vaish Associates held that the partners were entitled to annual salary equivalent with percentage of profit multiplied by the allocable profit calculated as per the provisions of section 40(b)(v) of the Act. In the instant case also remuneration has been shared in the profit-sharing ratio. The issue in dispute also deserve to be allowed on the principle of consistency as identical disallowance has been deleted by the Ld. CIT(A) immediately preceding assessment year i.e. 2009-10 and no appeal has been...