1983 (11) TMI 3

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..... stion of law under section 256(1) of the Income-tax Act, 1961, for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in disallowing the claim of interest amounting to Rs. 10,932 paid to the firm, Ramnarayan Girdhardas and Co., Bangalore ? " The assessee is a partner in several firms and his main income is in the form of profits .....

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..... in respect of the said expenses was, therefore, rightly disallowed by the Income-tax Officer. The Tribunal observed that the borrowing of the money by the assessee was not for the purpose of his business and it could not be considered as an expenditure laid out wholly and exclusively for the purpose of the business as required under section 37 of the Income-tax Act. We agree with the view taken .....

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