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Remuneration to members of HUF for services rendered in business is allowable U/s. 37(1)
Case Law Details
- Case Name
- Asst. Commissioner of Income Tax Vs Sri B. Sreeramulu (HUF) (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Hyderabad
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ACIT Vs Sri B. Sreeramulu (HUF) (ITAT Hyderabad)
Briefly stated, assessee-HUF is deriving income from house property and trading of jewellery etc. There were survey operations conducted on 02-02-2006 and scrutiny assessment U/s. 143(3) of the Act was computed on a total income of Rs. 37,96,220/-. In that assessment, AO has allowed remuneration of Rs. 13,00,290/- to the three members of the HUF for their services. On the reason that remuneration to co-parceners is not allowable U/s. 184 or U/s. 40(b) of the Act, proceedings were reopened U/s. 147 by issuance of notice U/s. 148...
