https://www.taxtmi.com/caselaws?id=71204 The Assessing Officer (AO) was justified in recomputing the capital balances of partners by reducing depreciation, disallowing interest claimed under section 40(b) of the IT Act, and making an addition towards interest receivable from partners. The AO's actions were upheld as necessary corrections to ensure compliance with accounting principles and the true state of the partnership firm's financial affairs. The appeals filed by the assessee were dismissed, affirming the AO's decisions as lawful and appropriate. en-us Tue, 12 Jun 2007 00:00:00 +0530 Wed, 12 Jun 2013 14:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71204 The Assessing Officer (AO) was justified in recomputing the capital balances of partners by reducing depreciation, disallowing interest claimed under section 40(b) of the IT Act, and making an addition towards interest receivable from partners. The AO's actions were upheld as necessary corrections to ensure compliance with accounting principles and the true state of the partnership firm's financial affairs. The appeals filed by the assessee were dismissed, affirming the AO's decisions as lawful and appropriate. Case-Laws Income Tax Tue, 12 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71204