https://www.taxtmi.com/caselaws?id=13030 The High Court ruled in favor of the assessee, affirming the Tribunal's decision to allow the interest deduction on amounts received from parties other than partners of the firm. The Court held that as the funds received were treated as capital receipts and utilized for business purposes, the interest paid on these balances was deductible. The Court found that the disallowance of interest was unjustified, emphasizing the distinction in fund utilization and supporting the assessee's position. en-us Tue, 28 Aug 2001 00:00:00 +0530 Tue, 26 May 2009 10:29:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13030 The High Court ruled in favor of the assessee, affirming the Tribunal's decision to allow the interest deduction on amounts received from parties other than partners of the firm. The Court held that as the funds received were treated as capital receipts and utilized for business purposes, the interest paid on these balances was deductible. The Court found that the disallowance of interest was unjustified, emphasizing the distinction in fund utilization and supporting the assessee's position. Case-Laws Income Tax Tue, 28 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13030