Can interest on loan borrowed to introduce as capital be cla
This query is : Resolved
Mikdad Merchant
(Querist)
07 January 2012
Dear Friends,
Can a partner claim against the incomer from firms, a deduction of the amount of interest paid on loan used to introduce as capital into the firm? please provide me with case laws (if any) as well on this subject.
And also, will this attract disallowance u/s 14A. pls provide case laws here too.
Can a partner claim against the incomer from firms, a deduction of the amount of interest paid on loan used to introduce as capital into the firm? please provide me with case laws (if any) as well on this subject.
And also, will this attract disallowance u/s 14A. pls provide case laws here too.
Aditya Maheshwari
(Expert)
07 January 2012
If one to one corellation is there then interest can be allowed as deduction.
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