Held that the partnership deed clearly provided for allowance of such interest and the issue had been examined in earlier years and the issue had been restored to the file of the Assessing Officer. For the years in question also, the Assessing Officer was to calculate the interest payable to the partner in terms of the provisions of section 40(b)(iv) of the Act. (AY. 2012-13, 2014-15)
Walker Chandilok and Co. LLP v. ACIT (2021) 91 ITR 19 (SN) (Delhi)(Trib.)
S. 40(b)(iv) : Amounts not deductible-Partner-Interest-Deed providing for payment of interest-Assessing Officer to calculate interest payable to partner in terms of section and directed to allow.