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<h1>Disallowing deduction for interest paid on partners' credit balances to prevent siphoning of profits under Income-tax Act</h1> The High Court of Allahabad ruled against the assessee in a case involving deduction of interest paid on credit balances in partners' individual accounts. ... Business Expenditure, Firm The High Court of Allahabad ruled against the assessee in a case involving deduction of interest paid on credit balances in partners' individual accounts. The court held that such payments are not deductible under section 40(b) of the Income-tax Act, 1961, to prevent partners from siphoning off profits. The decision was based on a previous ruling and the question was answered in favor of the Department.
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