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of <h1>Interest paid to partner not subject to disallowance under Income-tax Act</h1> <h3>Ghasilal Kasturchand Versus Commissioner Of Income-Tax</h3> Ghasilal Kasturchand Versus Commissioner Of Income-Tax - [1989] 178 ITR 633, 78 CTR 161, 44 TAXMANN 109 The High Court of Madhya Pradesh held that the interest amount paid by an assessee-firm to a partner in his individual capacity was not liable to be disallowed under section 40(b) of the Income-tax Act, 1961. The court's decision was based on a previous judgment and ruled in favor of the assessee.
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