Disallowance of proportionate bank interest and drawings made by the Managing Partner of the firm -...

Disallowance of proportionate bank interest and drawings made by the Managing Partner of the firm - Interest payment attributable to interest paid on funds diverted for non business purposes viz. gifts made - Withdrawal of money by the partner from his current account does not carry any interest and he is at liberty to draw the same from his current account. - No proportionate disallowance of interest could be made - AT .....

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