https://www.taxtmi.com/caselaws?id=192884 Hotel charges incurred by partners while touring to procure business for the firm were treated as not allowable business expenditure in the firm's hands, so the deduction claim failed. On interest, the excess interest received by the firm from partners on overdrawn amounts, after netting off interest paid by the firm to those partners, was treated as taxable income because no statutory exclusion applied to that receipt and the partnership relationship did not prevent it from forming part of the firm's profits. The reference was therefore answered partly against the assessee and partly in favour of the revenue. en-us Fri, 08 May 1953 00:00:00 +0530 Wed, 28 Jun 2017 18:50:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192884 Hotel charges incurred by partners while touring to procure business for the firm were treated as not allowable business expenditure in the firm's hands, so the deduction claim failed. On interest, the excess interest received by the firm from partners on overdrawn amounts, after netting off interest paid by the firm to those partners, was treated as taxable income because no statutory exclusion applied to that receipt and the partnership relationship did not prevent it from forming part of the firm's profits. The reference was therefore answered partly against the assessee and partly in favour of the revenue. Case-Laws Income Tax Fri, 08 May 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192884