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[Cites 0, Cited by 0] [Section 35(e)] [Section 35] [Entire Act]

Union of India - Subsection

Section 35(e)(iv) in The Income Tax Act, 2025

(iv)on interest to any partner as authorised by the partnership deed, exceeding 12% simple interest per annum, so, however, that—
(A)where an individual is a partner in a firm, on behalf, or for the benefit, of any other person (such partner and the other person being herein referred to as "partner in a representative capacity" and "person so represented", respectively),—
(I)interest paid by the firm to such individual otherwise than as partner in a representative capacity, shall not be taken into account for the purposes of this clause;
(II)interest paid by the firm to such individual as partner in a representative capacity and interest paid by the firm to the person so represented shall be taken into account for the purposes of this clause;
(B)where an individual is a partner in a firm otherwise than as partner in a representative capacity, interest paid by the firm to such individual shall not be taken into account for the purposes of this clause, if such interest is received by him on behalf, or for the benefit, of any other person;