https://www.taxtmi.com/forum/issue?id=2178 The AO proposes disallowing interest under section 14A as attributable to exempt income from partnership profit. One respondent supports disallowance per precedent; another argues no disallowance if investments were from capital and that a partner's profit share is not exempt in the aggregate tax context; a third respondent rejects that view, treating the partner's profit as excluded income and concluding that use of borrowed funds to make the investment would invoke section 14A, subject to different treatment where the partner receives interest on the investment. en-us Mon, 30 Aug 2010 15:20:55 +0530 Thu, 23 Jan 2025 15:58:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=2178 The AO proposes disallowing interest under section 14A as attributable to exempt income from partnership profit. One respondent supports disallowance per precedent; another argues no disallowance if investments were from capital and that a partner's profit share is not exempt in the aggregate tax context; a third respondent rejects that view, treating the partner's profit as excluded income and concluding that use of borrowed funds to make the investment would invoke section 14A, subject to different treatment where the partner receives interest on the investment. Discussion-Forum Income Tax Mon, 30 Aug 2010 15:20:55 +0530 https://www.taxtmi.com/forum/issue?id=2178