High Court directs Tax Tribunal to refer question of law on interest disallowance to partner under Income-tax Act

The High Court of Allahabad directed the Income-tax Appellate Tribunal to refer a question of law regarding the disallowance of interest paid by a firm to a partner under section 40(b) of the Income-tax Act, 1961. The court ordered the Tribunal to draw up a statement of the case for the court's opinion, with each party bearing their own costs.

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The High Court of Allahabad directed the Income-tax Appellate Tribunal to refer a question of law regarding the disallowance of interest paid by a firm to a partner under section 40(b) of the Income-tax Act, 1961. The court ordered the Tribunal to draw up a statement of the case for the court's opinion, with each party bearing their own costs. (Case Citation: 1989 (2) TMI 89 - Allahabad High Court)

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