https://www.taxtmi.com/caselaws?id=21755 The High Court ruled in favor of the assessee, allowing the deduction of interest paid on a loan taken for renovating a building used by a firm in which the assessee was a partner. The Court held that the building's use by the firm should be considered as the assessee's use for business purposes, allowing the interest payment as a deductible business expenditure under section 37. The judgment emphasized the connection between the firm's business and the individual partner's business, ultimately permitting the deduction in alignment with the business interests of the partner. en-us Sat, 07 Dec 1991 00:00:00 +0530 Fri, 27 Nov 2009 14:27:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21755 The High Court ruled in favor of the assessee, allowing the deduction of interest paid on a loan taken for renovating a building used by a firm in which the assessee was a partner. The Court held that the building's use by the firm should be considered as the assessee's use for business purposes, allowing the interest payment as a deductible business expenditure under section 37. The judgment emphasized the connection between the firm's business and the individual partner's business, ultimately permitting the deduction in alignment with the business interests of the partner. Case-Laws Income Tax Sat, 07 Dec 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21755