PARTNERSHIP DEED SALARY CLAUSE

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satish kumar Chauhan (Querist)
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17 August 2024 R/Experts

My queries are :-
1. Stamp Paper purchased on 23.09.2023.
2. Can i make the partner ship deed on 23.09.23 or 1.10.2023 with change the salary clause wef 01.04.23.

Thanks

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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17 August 2024 In a recent decision of the Hon’ble Income-tax Appellate Tribunal – Mumbai Bench in the case of Jetkool Exports India v. NFAC ITA No. 2596/Mum/2022 dated March 9, 2023 (Mum)(Trib) www.itatonline.org where the partnership firm paid a higher remuneration than what was prescribed in the deed but within the limits prescribed by the Act and during scrutiny, the assessee firm furnished a fresh supplementary deed allowing such remuneration with retrospective effect, The Ld. AO disallowed the remuneration paid to partners on the ground that the remuneration was not paid in accordance with the original deed of partnership. The disallowance was affirmed by CIT(A) on the ground that the supplementary deed was only a self-serving document. On appeal, the Tribunal held that the assessee was entitled to modify remuneration as per the amended provision based on the supplementary deed giving effect retrospectively. Accordingly, the disallowance of remuneration affirmed by the Ld. CIT(A) was deleted.

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