https://www.taxtmi.com/highlights?id=55787 Disallowance on account of interest on the capital account - The withdrawals made by the assessee from the other partnership firms on which interest was paid by him, thus, were not utilized for non-business purpose and interest paid thereon in my opinion, cannot be disallowed on the ground that there was utilization of corresponding funds for non-business purpose as alleged by the authorities below. - AT en-us Mon, 07 Dec 2020 10:58:56 +0530 Mon, 07 Dec 2020 10:58:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=55787 Disallowance on account of interest on the capital account - The withdrawals made by the assessee from the other partnership firms on which interest was paid by him, thus, were not utilized for non-business purpose and interest paid thereon in my opinion, cannot be disallowed on the ground that there was utilization of corresponding funds for non-business purpose as alleged by the authorities below. - AT Highlights Income Tax Mon, 07 Dec 2020 10:58:56 +0530 https://www.taxtmi.com/highlights?id=55787