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Personal Expense

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(Querist)
12 June 2011 M/s XYZ a Partnership firm has debited Rs. 150000 to P&l A/c. The expense relates college fees paid to a USA College of the son of one of the partner. Whether such expense will be disallowed as personal expense, as such expense does not relate to the business.?
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Pankaj Gandhi Jaiswal

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Pankaj Gandhi Jaiswal (Expert)
12 June 2011 If yo debit in PL account directly then it will be disallowed better to transfer this in partner remuneration account subject to section 40b or treat this as a drawing
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
12 June 2011 On identical issue Madras High Court in the case of M. Subramaniam Bros Vs.CIT reported in 250 ITR 769 held that such expenditure is personal in nature which warrents disallowance u/s 37 of the IT Act,1961.
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