https://www.taxtmi.com/caselaws?id=189757 Interest paid by an association of persons to a member who advanced funds for business was deductible as business expenditure under section 10(2)(iii), because an association of persons is distinct from its members and the member acted as a creditor, not as a partner subject to the firm exception. The tribunal's rule permitting dismissal of an appeal for default was held ultra vires where the statute required decision on merits. An incompetent dismissal order could still be corrected by rectification under section 35(2) if the error was apparent from the record. The reference was answered in favour of the assessee on both points. en-us Wed, 02 Mar 1966 00:00:00 +0530 Thu, 19 Jan 2017 16:42:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189757 Interest paid by an association of persons to a member who advanced funds for business was deductible as business expenditure under section 10(2)(iii), because an association of persons is distinct from its members and the member acted as a creditor, not as a partner subject to the firm exception. The tribunal's rule permitting dismissal of an appeal for default was held ultra vires where the statute required decision on merits. An incompetent dismissal order could still be corrected by rectification under section 35(2) if the error was apparent from the record. The reference was answered in favour of the assessee on both points. Case-Laws Income Tax Wed, 02 Mar 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189757