Section 14A

This query is : Resolved

CA PARAS BAFNA (Querist)
Follow

05 December 2010 A person introduces capital in the firm from outside borrowings on which interest payable by him is Rs 60000/-.
He receives Rs 30000/- as Interest on Capital, 50000/ as Remuneration and 100000/ as Share in Profit(After Tax) from the Firm.

Can Section 14A be invoked by the ITO?

vinay v. kawdia

vinay v. kawdia (Expert)
Follow

07 December 2010 Yes.

Please refer :- Decided by: ITAT, MUMBAI BENCHES `H’, In The case of: Dharmasingh M. Popat v. ACIT, Appeal No.: ITA No. 7534/Mum./2004, Decided on: January 6, 2009.
HELD: income charged in the hands of partnership firm can not be treated as being a non-exempt income in the hands of a partner of such firm and, therefore, provisions of section 14-A would be applicable in computing the total income of such partner in respect of his share in the profits of such firm.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

FCA. LAL BAHADUR SHASTRY GUBBA

Vidit Ratanghayra

CMA Sajin Odupara

Dhananjay Singh

ANUPAMA L KANT

Subscribe Now

Section 14A

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

GST CONSULTANT

Senior Executive

Accountant

CA Final

GST CONSULTANCY