Applicability of tax audit on partners remuneration

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Jatin Kumar (Querist)
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08 February 2017 Dear Members,

Please help me on following query:-
Whether Audit u/s 44AB is applicable on Partners Remuneration received in excess of 1 Crore.
Please substantiate through Case law.

It's Urgent.
Thanks In Advance.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 February 2017 Tax audit not applicable on partners remuneration.

Message likes : 1 times

Jatin Kumar

Jatin Kumar (Querist)
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08 February 2017 But in the case of Usha A Narayanan, Kolkata, the ITAT has put penalty on the assessee under section 271B for non filing of Tax Audit report under section 44AB.

One of the assessee is receiving Partners remuneration in excess of 1 crore from his firm, which deals in Service Sector. but department issued defective notice u/s 139(9) for non complaince of Section 44AB on business Income. He does not have any other Income except Remuneration but doing business in personal capacity which has zero profits during the year.

Jatin Kumar

Jatin Kumar (Querist)
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08 February 2017 Thanks for your Quick Response Sir. Can you please substantiate through case law?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 February 2017 See the link.
https://orange.taxsutra.com/articles/c318334105cec5c46c919df503b3ea/expert_article

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