https://www.taxtmi.com/caselaws?id=151845 The tribunal addressed issues regarding the deduction of interest paid to partners under Section 40(b) of the Income Tax Act. It found that interest should be calculated on the net credit balance of each partner after deducting withdrawals, emphasizing adherence to standard practices. The tribunal also highlighted the importance of following partnership deed terms in determining the treatment of withdrawals against share of profit, remuneration, and interest. Additionally, it advised on addressing potential double taxation concerns by making suitable claims before the Assessing Officer. The appeal was partly allowed, with directions for correct interest deduction treatment and potential double taxation issues. en-us Wed, 03 Nov 2004 00:00:00 +0530 Tue, 18 Jun 2013 10:49:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151845 The tribunal addressed issues regarding the deduction of interest paid to partners under Section 40(b) of the Income Tax Act. It found that interest should be calculated on the net credit balance of each partner after deducting withdrawals, emphasizing adherence to standard practices. The tribunal also highlighted the importance of following partnership deed terms in determining the treatment of withdrawals against share of profit, remuneration, and interest. Additionally, it advised on addressing potential double taxation concerns by making suitable claims before the Assessing Officer. The appeal was partly allowed, with directions for correct interest deduction treatment and potential double taxation issues. Case-Laws Income Tax Wed, 03 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151845