https://www.taxtmi.com/caselaws?id=66421 The interest debited to the capital account of the assessee in a partnership firm was held to be allowable as a deduction in personal assessments for the assessment years 1976-77 and 1977-78. The Tribunal, concurring with the Accountant Member, ruled that interest on debit balances resulting from accumulated business losses is a business liability and should be deductible under Section 37 of the Income-tax Act. The majority view allowed the appeals in part, permitting the deduction of interest on the debit balance, except for interest related to wealth-tax payments. en-us Tue, 24 May 1983 00:00:00 +0530 Thu, 24 Feb 2011 16:05:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66421 The interest debited to the capital account of the assessee in a partnership firm was held to be allowable as a deduction in personal assessments for the assessment years 1976-77 and 1977-78. The Tribunal, concurring with the Accountant Member, ruled that interest on debit balances resulting from accumulated business losses is a business liability and should be deductible under Section 37 of the Income-tax Act. The majority view allowed the appeals in part, permitting the deduction of interest on the debit balance, except for interest related to wealth-tax payments. Case-Laws Income Tax Tue, 24 May 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66421