1978 (11) TMI 33

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..... and the question before us is as follows : " Whether, on the facts and in the circumstances of the case and on a correct interpretation of section 67(3) of the Income-tax Act, 1961, the Tribunal was right in holding that the interest of Rs. 79,609 was an allowable deduction in computing the share of the assessee in the income of the firm, M/s. Soorajmull Nagarmull ? " The assessee is an HUF. T .....

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..... profession " in respect of his share in the income of the firm, be deducted from the share. In view of this express provision of the section, we are of the opinion that the Tribunal was right in holding that the section does not stipulate that the interest will not be admissible if the amount given to the firm was not used by the firm for the purpose of its business. We, accordingly, answer t .....

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