M/S POPULAR FINANCE COMPANY,PATHANAMTHITTA vs. THE ACIT,CIR-1,, THIRUVALLA

In the result, the appeals of the Revenue are partly allowed for statistical purposes

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

c) If not covered by section 37(1) of the IT. Act, whether the interest expenditure disallowable either in total or in part under section 36(1 )(iii) of the Income Tax Act? d) In the facts and circumstances of the case, whether the Assessing Officer correctly assessed the interest income received from partners under the head “income from Profits