TaxTMI 
TaxTMI 
1980 (3) TMI 117
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....h he confirmed the assessment made on the assessee by the ITO, A-Ward Thiruvalla, under s. 143(3) of the IT Act, 1961, for the asst. yr. 1977-78, the relevant previous year ending 31st March, 1977. 2. The assessee is a partner of the firm, M/s Ayyappa Jyothi Trading Corporation, along with three others, C.K. Ramchandran Nair, P. Kittu Pillai and Thankappa Pillai. He filed the return disclosing i....
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....fused the same. On 17th Oct., 1977 the assessee wrote to the ITO claiming the above deduction. It will be noticed from the above letter that such a claim was by the assessee after it received the order of assessment passed on the firm from which it was seen that the claim made for deduction of interest in the computation of the firm's income had been rejected. 3. Aggrieved by such assessment, th....
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....ad been withdrawn by him even during the previous year and so it could not be said as to whether any interest had been paid. 7. Sec. 67(3) of the IT Act, 1961, clearly provides that any interest paid by a partner on capital borrowed by him for the purposes of investment in the firm shall be deducted from the share income in computing his income chargeable under the head "profits and gains of bus....