https://www.taxtmi.com/caselaws?id=56179 The Tribunal ruled in favor of the assessees, allowing them to add back interest paid to partners for computing the deduction under section 32AB of the Income-tax Act. The decision was based on the interpretation provided by the Guidance Note from the Institute of Chartered Accountants of India, which clarified that deduction under section 32AB should be allowed from the profit of the business. The Tribunal found the lack of clarity in the statute regarding partnership firms and the apportionment of profits among partners, supporting the assessees' claim. en-us Wed, 24 May 2000 00:00:00 +0530 Thu, 02 Dec 2010 11:22:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56179 The Tribunal ruled in favor of the assessees, allowing them to add back interest paid to partners for computing the deduction under section 32AB of the Income-tax Act. The decision was based on the interpretation provided by the Guidance Note from the Institute of Chartered Accountants of India, which clarified that deduction under section 32AB should be allowed from the profit of the business. The Tribunal found the lack of clarity in the statute regarding partnership firms and the apportionment of profits among partners, supporting the assessees' claim. Case-Laws Income Tax Wed, 24 May 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56179