REGARDING ALLOWABLE INTEREST EXPENSE IN PARTNER'S RETURN
This query is : Resolved
29 November 2023
IF PARTNER HAS INTEREST INCOME FROM PARTNERSHIP FIRM THEN INTEREST EXPENSE OF CC OR OD CAN BE ALLWABLE TO DEDUCT FROM SUCH INTEREST INCOME ?
OR WHETHER SUCH INCOME WOULD BE DIRECTLY ADDED AS BUSINESS INCOME?
OR WHETHER SUCH INCOME WOULD BE DIRECTLY ADDED AS BUSINESS INCOME?
30 November 2023
The ITAT's ruling affirms the principle that expenses incurred by partners can be deductible against income received from the firm, as long as the expenses are wholly and exclusively incurred for the purpose of earning such income.
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