https://www.taxtmi.com/caselaws?id=292704 Interest paid to partners on capital introduced by them was treated as an allocation of net profits rather than interest on business borrowing, so the claimed deduction was not admissible. The article also states that a firm which failed to apply for registration within the prescribed time, and lacked a duly executed partnership instrument at the relevant stage, could not later be treated as a registered firm merely because a certificate was subsequently issued. Strict compliance with the statutory definition and procedure was required, and later administrative steps could not create retrospective registered-firm status or alter the tax liability. en-us Mon, 02 Jul 1923 00:00:00 +0530 Tue, 05 Jan 2021 12:55:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292704 Interest paid to partners on capital introduced by them was treated as an allocation of net profits rather than interest on business borrowing, so the claimed deduction was not admissible. The article also states that a firm which failed to apply for registration within the prescribed time, and lacked a duly executed partnership instrument at the relevant stage, could not later be treated as a registered firm merely because a certificate was subsequently issued. Strict compliance with the statutory definition and procedure was required, and later administrative steps could not create retrospective registered-firm status or alter the tax liability. Case-Laws Income Tax Mon, 02 Jul 1923 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292704