COMMISSIONER OF INCOME-TAX versus HOTEL SAVERA
Interest paid on the capital loaned to a (private) limited company, which has been mixed with its own funds. Finding that the firm had sufficient funds to cover the advance, which was made up of the company's own funds in advance, had no interest paid on the outstanding balance. The account of its partners, the entire amount of interest paid on the loan capital, was deductible from the Indian Income Tax Act, 1961, section 36 (1) (iii).
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