https://www.taxtmi.com/highlights?id=60057 Disallowance of interest u/s. 36(1)(iii) - partners of the assessee firm had over withdrawn an amount as in excess of what was brought by them in the firm - the assessee did not have any interest free advances - now when the partners of the assessee firm had clearly over withdrawn an amount in excess of what was brought by them in the firm, therefore, the lower authorities had rightly concluded that the correlating interest expenditure pertaining to the amount so overdrawn was liable to be disallowed u/s.36(1)(iii) - AT en-us Mon, 11 Oct 2021 11:02:35 +0530 Mon, 11 Oct 2021 11:02:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=60057 Disallowance of interest u/s. 36(1)(iii) - partners of the assessee firm had over withdrawn an amount as in excess of what was brought by them in the firm - the assessee did not have any interest free advances - now when the partners of the assessee firm had clearly over withdrawn an amount in excess of what was brought by them in the firm, therefore, the lower authorities had rightly concluded that the correlating interest expenditure pertaining to the amount so overdrawn was liable to be disallowed u/s.36(1)(iii) - AT Highlights Income Tax Mon, 11 Oct 2021 11:02:35 +0530 https://www.taxtmi.com/highlights?id=60057