Allowable exepenses for Partnership firm
This query is : Resolved
12 October 2010
Is expenses for Partner's Sons Higher Education (Technical) is allowable expenses for Partnership Firm. this expenses is for future benefit of firm.
12 October 2010
Couts have taken divergent views on the issue raised, not on account of difference in principle but in relation to the facts of the case. A case aginst the assessee is given hereunder held on the view that it is personal expenses.
M. Subramaniam Bros Vs. CIT (2001) 250 ITR 769 (Mad).
M. Subramaniam Bros Vs. CIT (2001) 250 ITR 769 (Mad).
13 October 2010
This is more of a personal expense. And the claim that it is for future benefit of firm doesn't seem justifiable.
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