Income tax
This query is : Resolved
29 December 2015
OUR IS JOINT VENTURE FIRM CONSIST THREE PARTNERS THE ASSESSING OFFICER HAS ASSESSED IN STATUS OF AOP AND ALSO DISALLOWED INTEREST PAID ON CAPITAL CONTRIBUTION BY PARTNERS U/S40(B) NOR ALLOWED AS BUSINESS EXPENDITURE ALSO
KINDLY GUIDELINE WITH CASE LAW WHERE INTEREST IS ALLOWABLE ON CAPITAL CONTRIBUTION UNDER AOP STATUS
KINDLY GUIDELINE WITH CASE LAW WHERE INTEREST IS ALLOWABLE ON CAPITAL CONTRIBUTION UNDER AOP STATUS
29 December 2015
yes, it must be allowed if the same is incorporated in the deed of joint venture.
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