ALLOWABILITY OF INTEREST PAID U/S 36(1)

ALLOWABILITY OF INTEREST PAID U/S 36(1)(III)

THE ASSESSEE HAS PAID INTEREST TO RELATIVE & FINANCIAL INSTITUTION OF Rs. 5.78 LAC BUT NOT CHARGED / RECEIVED INTEREST ON ADVANCE TO PARTNER BROTHER DUE TO DISPUTE AND OTHER CIRCUMSTANCES

IS IT NECESSARY TO CHARGE/RECEIVED INTEREST  FROM PARTNER BROTHER OR BLOOD RELATIVES.

CAN INCOME TAX OFFICER DISALLOWED THE INTEREST PAID ON BORROWED FUND TO THAT EXTENT.

PLEASE GIVE CITATION OF SUPREME COURT / RAJASTHAN H.C. JAIPUR /JODHPUR I.T.A.T.