Excess interest earned is taxable as other source income if borrowed funds used for non-business purpose

INCOME TAX : Where assessee firm utilised its interest bearing funds for overdrawing of capital by its partner, rate of interest received by assessee firm from its partner, which was in excess as in comparison to rate on which funds were raised/borrowed by firm from third parties, same was liable to be assessed as income of assessee firm from "other sources"

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