https://www.taxtmi.com/caselaws?id=70210 The departmental appeal was dismissed by the Tribunal. The dispute centered on the disallowance of interest payments on borrowings diverted for personal use of partners and the principle of determining current profits for withdrawals. The Tribunal upheld relief granted by the first appellate authority, emphasizing the consistent application of the principle regarding current profits for withdrawals. Additionally, the Tribunal found no disapproval by the High Court regarding the principle. The quantification of disallowance based on the source of funds withdrawn was left for verification by the ITO, with the Tribunal supporting the first appellate authority's decision. en-us Thu, 22 Apr 1982 00:00:00 +0530 Thu, 14 Apr 2011 18:35:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70210 The departmental appeal was dismissed by the Tribunal. The dispute centered on the disallowance of interest payments on borrowings diverted for personal use of partners and the principle of determining current profits for withdrawals. The Tribunal upheld relief granted by the first appellate authority, emphasizing the consistent application of the principle regarding current profits for withdrawals. Additionally, the Tribunal found no disapproval by the High Court regarding the principle. The quantification of disallowance based on the source of funds withdrawn was left for verification by the ITO, with the Tribunal supporting the first appellate authority's decision. Case-Laws Income Tax Thu, 22 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70210