Abuse of dominant position allegations against an exchange found not prima facie; regulator reliance on sectoral expertise upheld and no investigation...
Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
Interest on borrowed capital is deductible under section 36(1)(iii) only when the borrowing is for the assessee's own business or profession. Where the borrowed funds were invested by an individual as capital contribution in a partnership firm, and the business was carried on by the firm rather than by the individual, the statutory condition was not met. The claim, if available at all, would arise at the level of the firm and not in the individual partner's assessment. The deduction was therefore rightly disallowed, and the appeal was dismissed.
Interest on borrowed capital is deductible under section 36(1)(iii) only when the borrowing is for the assessee's own business or profession. Where the borrowed funds were invested by an individual as capital contribution in a partnership firm, and the business was carried on by the firm rather than by the individual, the statutory condition was not met. The claim, if available at all, would arise at the level of the firm and not in the individual partner's assessment. The deduction was therefore rightly disallowed, and the appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
