https://www.taxtmi.com/caselaws?id=37371 Interest paid by a partner on capital borrowed to invest in a firm is deductible under section 67(3) while computing the partner's share of income, because the provision expressly allows such deduction and does not require the firm to use the invested funds only for business purposes. The firm's use of the money to pay its taxes does not disqualify the deduction. The question was answered in favour of the assessee. en-us Fri, 17 Nov 1978 00:00:00 +0530 Mon, 29 Mar 2010 12:53:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37371 Interest paid by a partner on capital borrowed to invest in a firm is deductible under section 67(3) while computing the partner's share of income, because the provision expressly allows such deduction and does not require the firm to use the invested funds only for business purposes. The firm's use of the money to pay its taxes does not disqualify the deduction. The question was answered in favour of the assessee. Case-Laws Income Tax Fri, 17 Nov 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37371