Held that the interest paid on debit balance/excess withdrawals from the partnership firm is to be deducted while computing the taxable income of the assessee-partner notwithstanding the fact that the impugned amount was withdrawn by the assessee for payment of income-tax. (AY.2015-16 to 2017-18)
Late Ghansham Dass through L/H Dawinder Singh v. Dy. CIT (2022) 210 DTR 65 / 216 TTJ 214 (Chd) (Trib)
S. 36(1)(iii) : Interest on borrowed capital-Partner-Interest paid on debit balance/ excess withdrawal-Withdrawn for payment of income tax-Allowable as deduction. [S.153A]