https://www.taxtmi.com/caselaws?id=65913 The Tribunal upheld the AAC's decision to delete the interest disallowance imposed by the ITO on overdrawals from the bank by two partners. It was found that the withdrawals were not solely from bank borrowings but could be covered by capital credits and profits of the firm, indicating no direct nexus between bank borrowings and partner withdrawals. The Tribunal emphasized the lack of evidence showing a direct link between bank borrowings and partner withdrawals, leading to the dismissal of the revenue's appeal. en-us Sat, 15 May 1976 00:00:00 +0530 Sat, 19 Feb 2011 12:30:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65913 The Tribunal upheld the AAC's decision to delete the interest disallowance imposed by the ITO on overdrawals from the bank by two partners. It was found that the withdrawals were not solely from bank borrowings but could be covered by capital credits and profits of the firm, indicating no direct nexus between bank borrowings and partner withdrawals. The Tribunal emphasized the lack of evidence showing a direct link between bank borrowings and partner withdrawals, leading to the dismissal of the revenue's appeal. Case-Laws Income Tax Sat, 15 May 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65913