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K. RAMA MOHAN RAO versus COMMISSIONER OF INCOME-TAX

The exact amount of profit on the partner deductions is not used to purchase the shares of private companies, which are ultimately used to buy the shares of private companies, in order to clear the balance of the outstanding debt against the partners in the lender's account. Have handled Acquisition and acquisition of shares cannot be allowed under section 557 or under section 67 because the loan was used to make a good debit balance in the partners' capital account which has been dissolved, against which section 67 No deduction can be allowed under the numbers. The question of law was born in the Indian Income Tax Act, 1961 list of supreme court advocates from Bewal lawyer