CBDT Instruction on business disallowance – interest salary, etc paid by firm – disallowance of interest charged to partner on overdrawn account under clause (b) – interest charged to partner on debit balance as well as allowed on credit balance – whether gross or net interest should be added back

SECTION 40(b) OF THE INCOME-TAX ACT, 1961 – BUSINESS DISALLOWANCE – INTEREST SALARY, ETC PAID BY FIRM – DISALLOWANCE OF INTEREST CHARGED TO PARTNER ON OVERDRAWN ACCOUNT UNDER CLAUSE...

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