Posted: 27 Jun 2013 07:25 PM PDT
The assessment of the Partnership firms under the Income tax Act, 1961 has very specific characteristics and the "Remuneration and interest to partners" are two very specific figures without which one cannot calculate the tax liability of a partnership firm.
Posted: 27 Jun 2013 12:29 PM PDT
To sum up, the Commissioner of Commercial Tax being so placed in the hierarchy of the department can issue instruction to his subordinates but in the administrative field only. There is nothing wrong if the Commissioner of Commercial Tax issue such circulars which bring to the notice of his...