Deduction on the payments of interest to partners u/s 40(b) - ...

Income Tax

July 19, 2019

Deduction on the payments of interest to partners u/s 40(b) - when income was taxed u/s 176 (3A) - as per Section 176(3A) income received subsequent to the discontinuance of business need to be charged for tax as if such sum was received before the discontinuance of the business and there is nothing in above section that deductions are not allowable - hence deductions u/s 40(b) are allowable

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Deduction on the payments of interest to partners u/s 40(b) - ...

Income Tax

July 19, 2019

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