Interest on partner capital
This query is : Resolved
Pallavi Jain
(Querist)
09 July 2010
capital introduced by a partner in partnership firm is invested by firm in purchase of capital asset.While scrutiny AO is of view that interest paid till put to use of asset should be capitalized.can he disallow the interest allowed U/s 40 (b) of income tax act?
If anybody have any relevant judgment then plz do tell me.
Its urgent.
If anybody have any relevant judgment then plz do tell me.
Its urgent.
09 July 2010
No, interest will not be disallowed u/s 40(b) since utilisation of capital by the firm is different and interest paid on capital contributed to firm is another thing.but i will try to get judgement for u soon.
Pallavi Jain
(Querist)
15 July 2010
Thanx dear.. plz tell me any relevant judgment asap..
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