Interest on loan cannot be allowed to be claimed against remuneration from Partnership firm

Shri. S. P. Hombanna Vs. Income-tax Officer (ITAT Bangalore) Ld. AR has submitted that the assessee is a partner in Soundarya Constructions and has filed the return of income claiming the deduction of interest paid on loan amount of 11,45,607/-. It was also the case of the assessee that in the previous years the AOs have allowed the deduction of interest paid on loan amounts. However in the present assessment year, the AO has declined this amount. It was submitted that this is required to be allowed in view of the conjoint reading of Section 10(2A) r.w.s. 28 (v) and section 36(1)(iii) of ...