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of <h1>Delhi High Court: Only net interest paid to partners to be added back under Income Tax Act</h1> <h3>Commissioner Of Income-Tax Versus Mahavir Prashad And Sons</h3> Commissioner Of Income-Tax Versus Mahavir Prashad And Sons - [1993] 200 ITR 714, 109 CTR 65 The High Court of Delhi, in a judgment delivered by Judge B. N. Kirpal, addressed a tax assessment issue regarding interest payments to partners in an assessee-firm for the assessment year 1976-77. The court ruled in favor of the assessee, following a Supreme Court decision in a similar case, stating that only the net interest paid to partners should be added back under section 40(b) of the Income Tax Act.
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