Case Law Details
Case Name : ITO Vs M. M. Textiles (ITAT Mumbai)
Related Assessment Year : 2005- 2006
Courts :
All ITAT ITAT Mumbai
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RELEVANT PARAGRAPH
10. The core of controversy in this appeal is against the deductibility or otherwise of an interest of Rs. 6,50,236 allowed to the partners which was claimed as deduction. The case of the Assessing Officer is that no deduction on account of interest to partners can be allowed. The learned D. R. submitted that the rental income of Rs. 16.70 lakhs was rightly held to be taxable under
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