K. SOMASUNDARAM & BROTHERS versus COMMISSIONER OF INCOME-TAX
Business Expenditure Requirements for deduction of interest on the borrower capital The capital must be used in the business upon receipt of the contract, interest free interest payments to the relatives of the partners to the extent that the loan is paid on the capital There is a bribe that cannot be deducted from relatives. Income Tax Act, 1961, Section 36 (1) (iii)
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