https://www.taxtmi.com/caselaws?id=66987 The Tribunal dismissed the appeal, upholding the decisions of the CIT(A) in both issues. It confirmed the deletion of disallowance of interest on a partner's debit balance, as the debit balance was temporary and not linked to borrowed funds. Additionally, it upheld the deletion of disallowance of interest on overdrafts obtained against fixed deposits, stating that partners had the right to invest as they pleased without contravening tax laws. en-us Sat, 28 Jul 1979 00:00:00 +0530 Tue, 08 Mar 2011 16:11:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66987 The Tribunal dismissed the appeal, upholding the decisions of the CIT(A) in both issues. It confirmed the deletion of disallowance of interest on a partner's debit balance, as the debit balance was temporary and not linked to borrowed funds. Additionally, it upheld the deletion of disallowance of interest on overdrafts obtained against fixed deposits, stating that partners had the right to invest as they pleased without contravening tax laws. Case-Laws Income Tax Sat, 28 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66987