Respected Professionals,
I have a case pending with CIT Appeals..
In the particular case my assessee has only partnership income. He claimed certain expenses out of partnership remuneration and salary income in his return.The same is being disallowed by ITO.
Pls guide me under which provision of income tax act i can grave for plea...with any earlier judgement if possible.
Thanks
May be helpful:
https://flame.org.in/KnowledgeCenter/Partnerscangetdepreciationbenefitsagainstincome.aspx
Extract:
"The above ruling thus interprets the provisions of the Act to provide that partners of firms can consider claiming depreciation on assets (in their personal name and used for the firm’s business) against the remuneration and interest income from their firms. Any other expenditure to be claimed, namely travelling, conveyance, books, printing and stationery, etc, will need to be proportionately apportioned between the exempt profit share and taxable remuneration."
CAclubindia
