Ashok Raitlal Miyani v. ITO (2021) 191 ITD 734 (SMC) (Mum.)(Trib.)

S. 57 : Income from other sources-Deductions-Investment in firm-Dispute-Arbitral award-Interest was held to be allowable as deduction. [S. 56, 57(iii)]

Held that investment made by assessee in firm, to that extent remained in existence, though in a different form in the form of flats  because of compulsion of a binding arbitration award rather than choice of assessee.  Interest paid was held to be allowable as deduction. (AY. 2015-16)