Interest expense incurred for funds borrow to introduce capital is allowable as expenditure against remuneration income

Ishwardas Satyanarayan Gupta Vs ITO (ITAT Mumbai) ITAT Mumbai held that the partner should be entitled to all the deductions which he was entitled while computing his share of profits in the firm. Thus, interest expenditure incurred by the assessee, as capital was introduced from borrowed funds, should be allowed as expenditure against remuneration income from the firm. Facts- Assessee filed its return of income on 26.12.2014 declaring total income of ₹.Nil. The return was processed u/s.143(1) of Income-tax Act, 1961. Subsequently, the case was selected for scrutiny under CASS and notices u/...