Applicability of Sec. 45(4) and 9(b) of the Income tax Act 1961

Assessee is Partnership firm of two person, father and son . Firm has assets which includes immovable property on which depreciation is claimed and also other current assets like stock in trade etc. On 4.07.2020, one of the partners I.e. father expired . Since there are no legal heirs , the other partner I.e. son become the proprietor of the business. Kindly guide whether provision of Sec. 9(b) and 45(4) are applicable and implications in the hands of sole surviving member in the family.

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  Deduction of Interest paid from interest Income U/s 57 of the IT Act.

Sir, An individual has taken a loan from bank of Rs2cr and has given as a loan to the firm as a partner.Would like to know whether the interest paid to the bank would be allowed as a deduction from interest income earned from the firm u/s 57(iii) as there being a direct nexus between taking of loan and lending the said amount to the firm.

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