Partners can not forego salary & intt to inflate exemption u/s 10B

Reverses CIT(A)’s orders and upholds AO’s order of reducing interest on capital and remuneration to partners, while computing profits eligible for exemption u/s 10B; Partners chose to forego interest and remuneration but it does not ipso-facto mean that firm is not admissible for deduction; Interest & remuneration payable to partners not charged to inflate profits for tax holiday u/s 10B; Profits eligible for tax holiday u/s 10B could neither be artificial nor inflated but actual profits and gains : Rajkot ITAT in Meridian Impex

For complete text of judgement Meridian_Impex