https://www.taxtmi.com/caselaws?id=9315 Interest and litigation expenses on loans taken for business purposes remained deductible against the assessee's share of partnership profits because the loans were borrowed for the cinema business and used to advance funds to film distributors. The subsequent conduct of that business through a partnership did not change the business character of the borrowing or the related expenditure. As the assessee continued to bear the loan liability and claimed the deduction only against his share income from the firm, the expenses were allowable in computing business income. en-us Fri, 06 Apr 1973 00:00:00 +0530 Sun, 21 Jun 2009 18:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9315 Interest and litigation expenses on loans taken for business purposes remained deductible against the assessee's share of partnership profits because the loans were borrowed for the cinema business and used to advance funds to film distributors. The subsequent conduct of that business through a partnership did not change the business character of the borrowing or the related expenditure. As the assessee continued to bear the loan liability and claimed the deduction only against his share income from the firm, the expenses were allowable in computing business income. Case-Laws Income Tax Fri, 06 Apr 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9315