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Income tax

This query is : Resolved 
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(Querist)
29 December 2015 OUR IS JOINT VENTURE FIRM CONSIST THREE PARTNERS THE ASSESSING OFFICER HAS ASSESSED IN STATUS OF AOP AND ALSO DISALLOWED INTEREST PAID ON CAPITAL CONTRIBUTION BY PARTNERS U/S40(B) NOR ALLOWED AS BUSINESS EXPENDITURE ALSO

KINDLY GUIDELINE WITH CASE LAW WHERE INTEREST IS ALLOWABLE ON CAPITAL CONTRIBUTION UNDER AOP STATUS
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Amol S Joglekar

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Amol S Joglekar (Expert)
29 December 2015 yes, it must be allowed if the same is incorporated in the deed of joint venture.
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