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shall Interest on Partner add back on book profit ?

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(Querist)
09 July 2010 if we calculate book profit then will we have to add back interest given to partner?
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Akhil Agrawal

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Akhil Agrawal (Expert)
09 July 2010 Yes the interest paid over & above 12% simple interest will be disallowed.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
09 July 2010 No interest should not be added to calculate book profit u/s 40(b).
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Akhil Agrawal

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Akhil Agrawal (Expert)
09 July 2010 But Mr Maheshwari only if it is within 12%
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
09 July 2010 agree with akhil.

Otherwise as it is it will be disallowed.

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