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Interest on Borrowed Funds Invested in Partnership Not Disallowed u/s 36(1)(iii) of Income Tax Act.

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....Disallowance towards interest u/s.36(1)(iii) in the hands of partner - interest paid on borrowed funds - amount invested in partnership firm by the assessee partner is certainly for business purpose and hence, there cannot be any disallowance of interest u/s.36(1)(iii) of the Act. - AT....

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Interest on Borrowed Funds Invested in Partnership Not Disallowed u/s 36(1)(iii) of Income Tax Act.