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Income Tax - Highlights / Catch Notes

Home Highlights January 2023 Year 2023 This

Disallowance of interest on account of excess payment to the ...

Income Tax

January 9, 2023

Disallowance of interest on account of excess payment to the partners on the capital account - the approach of the AO in calculating the interest by considering only the closing balance as on the end of the financial year is not proper and justified. Accordingly, so far as the interest calculated by the assessee firm on daily product basis is concerned, the same is proper and justified. - AT

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