In partnership firm can payment made to a partner for involving his specialized skill and he using that skill for developin various Patents, Copy Rights, Trademarks in firms name. Apart from partners remuneration ??
Payment made will be added to value of assest developed by the Partner. ??
Where payments to partners are made for specific services rendered by partners to firm not in the capacity of partners, it can be allowed as deduction.
Such payments transcends sec 40(b).
Held by Madras HC in Rajam ramaswamy and sons case.
SSGS and Associates
Chennai
CA Inter
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