Disallowance of proportionate bank interest and drawings made by ...

Case Laws Income Tax

December 3, 2020

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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Disallowance of proportionate bank interest and drawings made by ...

Case Laws Income Tax

December 3, 2020

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