https://www.taxtmi.com/caselaws?id=343162 The Tribunal allowed the appeal, directing a re-computation of the disallowance of interest on advances made to a partnership firm. It emphasized that while profits from the firm were exempt, interest and remuneration were taxable as business income for the assessee. The judgment highlighted the importance of considering business expediency and the specific circumstances in determining the taxability of income from the partnership firm. en-us Tue, 28 Mar 2017 00:00:00 +0530 Sat, 20 May 2017 09:02:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343162 The Tribunal allowed the appeal, directing a re-computation of the disallowance of interest on advances made to a partnership firm. It emphasized that while profits from the firm were exempt, interest and remuneration were taxable as business income for the assessee. The judgment highlighted the importance of considering business expediency and the specific circumstances in determining the taxability of income from the partnership firm. Case-Laws Income Tax Tue, 28 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343162