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Section 40 (b) of income tax act 1961

Others 286 views 1 replies

Kindy guide us when books of accounts rejected by Assessing Offifcers of a partnership firm and taxable income is determined on the basis of estimation and increase taxable income.

Question : Remuneration allowable as per section 40(b), as shown in books or revised remuneration as per new arrived profit?

Kindly guide us on the same as early as possible

 

 

Replies (1)

when the books are rejected at  all,  the ITO will go by revenue  side and fix the lowest remunaration possible to increase the tax liability. 

better to  go for appeal under guidence of a good CA of your area


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