https://www.taxtmi.com/caselaws?id=20589 The court ruled against the assessee, denying the deduction claim for interest paid on capital borrowed for investment in the firm under sections 67(3) and 36(1)(iii) of the Income-tax Act. The judgment emphasized the necessity of share income from the firm to qualify for deductions under section 67(3) and clarified that if disallowed under this section, deduction under section 36(1)(iii) cannot be availed. The decision favored the Revenue, highlighting the stringent conditions for claiming such deductions in cases where share income from the firm is absent. en-us Fri, 26 Oct 1990 00:00:00 +0530 Sat, 14 Nov 2009 18:22:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20589 The court ruled against the assessee, denying the deduction claim for interest paid on capital borrowed for investment in the firm under sections 67(3) and 36(1)(iii) of the Income-tax Act. The judgment emphasized the necessity of share income from the firm to qualify for deductions under section 67(3) and clarified that if disallowed under this section, deduction under section 36(1)(iii) cannot be availed. The decision favored the Revenue, highlighting the stringent conditions for claiming such deductions in cases where share income from the firm is absent. Case-Laws Income Tax Fri, 26 Oct 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20589