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Case Law Details

Case Name : Ishwardas Satyanarayan Gupta Vs ITO (ITAT Mumbai)
Related Assessment Year : 2014-15
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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 In

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