1983 (11) TMI 3 - HC - Income Tax

Summary

The High Court of Karnataka upheld the decision of the Income-tax Appellate Tribunal to disallow the deduction of interest paid to a firm by a partner, as the withdrawals were for personal expenses and not for business purposes. The court found no merit in the partner's argument that the withdrawals were necessary to save investments in other firms. The claim for deduction of interest was rejected.