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In the result, the appeal is allowed
Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1562/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11)
40 , rather this contention of the assessee support the stand that the salary and interest payable to partners are an ‘expenditure’ covered under Section 30 to 37 of the Act as held by Hon’ble Supreme Court in Munjal Sales Corporation(supra) . Thus, we hold that ‘expenditure’ as envisaged by Section 14A of the Act, duly include interest paid