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Regarding investment in property by a partnership firm

(Querist) 24 January 2016 This query is : Resolved 
Can a partnership firm purchase property from the funds of Cash Credit and can A.O. disallow the interest debited in the profit and loss account. Please help me with any reference.
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Devajyoti Barman (Expert) 25 January 2016
commercial query...consult a CA.
Adv. Yogen Kakade (Expert) 25 January 2016
Generally Cash credit facility is not for the purpose of purchasing fixed assets.. consult your banker for the same..
Rajendra K Goyal (Expert) 25 January 2016
File appeal against the orders of the AO.
T. Kalaiselvan, Advocate (Expert) 30 January 2016
You may consult your auditor or a local consultant in this regard.
V R SHROFF (Expert) 30 January 2016
COMMERCIAL QUERY.. MUST CONSULT YOUR CA
K.S.Srinivas (Expert) 04 February 2016
Post this query on CAclubindia.com

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