Allowable exepenses for Partnership firm
This query is : Resolved
12 October 2010
Is expenses for Partner's Sons Higher Education (Technical) is allowable expenses for Partnership Firm. this expenses is for future benefit of firm.
12 October 2010
Couts have taken divergent views on the issue raised, not on account of difference in principle but in relation to the facts of the case. A case aginst the assessee is given hereunder held on the view that it is personal expenses.
M. Subramaniam Bros Vs. CIT (2001) 250 ITR 769 (Mad).
M. Subramaniam Bros Vs. CIT (2001) 250 ITR 769 (Mad).
13 October 2010
This is more of a personal expense. And the claim that it is for future benefit of firm doesn't seem justifiable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Reporting Income under Section 44ADA
- ITR 2 Short Term gain & Long term gain
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR returnFY25-26
- ITR 1: Details for showing Exempt Income
- ITR selection for salaries and capital gain less than L
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR validation error - Balance sheet is not filled
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
