Firm Not Taxable for Interest on Borrowed Capital paid to Partners when the same is Already Taxed from Partners u/s 28(v): ITAT [Read Order]

By Aparna. M - On April 6, 2023 9:30 am - 2 mins read
Taxable - Interest - Capital - paid - Taxed - ITAT - TAXSCAN

The Bangalore bench of income tax appellate tribunal has recently held that a firm is not taxable for interest on borrowed capital paid to partners when the same is already taxed from partners under Section 28(v) of the Income Tax Act, 1961. Section 28(v) of the Income Tax Act provides that any income by way…

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