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Case Law Details

Case Name : M/s Sagar Foods Vs ITO (ITAT Ahmedabad)
Related Assessment Year : 2010-11
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It is correct that the terms of partnership provided payment of interest at the rate of 12 per cent on capital of partners as well as remuneration to the working partners. The assesses, however, did not make payment thereof to the partners nor made any provision of liability in the books of account The perusal of deed of partnership reveals that the parties on mutual consent could add, amend, vary or alter any of the terms of partnership. This is found so spelled out in clause No. 11 of partnership deed dated 4-4-1998 and adopted in the supplementary deed as wel

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