https://www.taxtmi.com/caselaws?id=292704 Interest paid to partners on capital contributions was treated as an allocation of the firm's net profits rather than interest on capital borrowed for business, so it was not an admissible allowance. Registered-firm status required timely application, a duly executed partnership instrument, and compliance with prescribed rules; a later application or registration certificate could not retrospectively satisfy those conditions or alter super-tax liability for the earlier assessment year. Statutory eligibility for deductions and fiscal status depended on strict compliance with the governing definition and procedure, without relief based on equity or administrative error. 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 contributions was treated as an allocation of the firm's net profits rather than interest on capital borrowed for business, so it was not an admissible allowance. Registered-firm status required timely application, a duly executed partnership instrument, and compliance with prescribed rules; a later application or registration certificate could not retrospectively satisfy those conditions or alter super-tax liability for the earlier assessment year. Statutory eligibility for deductions and fiscal status depended on strict compliance with the governing definition and procedure, without relief based on equity or administrative error. Case-Laws Income Tax Mon, 02 Jul 1923 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292704