https://www.taxtmi.com/caselaws?id=71280 The Tribunal allowed the appeal, overturning the disallowance of interest on capital paid to partners under section 40(b) of the IT Act. The dispute centered on the calculation method of interest, with the AO computing it daily while the partnership deed specified interest on the opening balance. The Tribunal emphasized adherence to the partnership deed's terms and legal provisions, ruling in favor of the assessee and clarifying that interest should be allowed as per the deed's authorization. en-us Fri, 26 Aug 2005 00:00:00 +0530 Fri, 22 Apr 2011 12:48:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71280 The Tribunal allowed the appeal, overturning the disallowance of interest on capital paid to partners under section 40(b) of the IT Act. The dispute centered on the calculation method of interest, with the AO computing it daily while the partnership deed specified interest on the opening balance. The Tribunal emphasized adherence to the partnership deed's terms and legal provisions, ruling in favor of the assessee and clarifying that interest should be allowed as per the deed's authorization. Case-Laws Income Tax Fri, 26 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71280