https://www.taxtmi.com/caselaws?id=23287 The High Court ruled against the assessee, holding that the interest paid on overdrawn amounts to the firms was not deductible from the total income. Sections 67(3) and 37 were deemed inapplicable to such interest payments, and the share received from the firm was considered as the assessee's real income. The judgment favored the Revenue on all issues, denying the deductions sought by the assessee. en-us Tue, 06 Feb 1990 00:00:00 +0530 Fri, 18 Dec 2009 11:26:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23287 The High Court ruled against the assessee, holding that the interest paid on overdrawn amounts to the firms was not deductible from the total income. Sections 67(3) and 37 were deemed inapplicable to such interest payments, and the share received from the firm was considered as the assessee's real income. The judgment favored the Revenue on all issues, denying the deductions sought by the assessee. Case-Laws Income Tax Tue, 06 Feb 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23287