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of <h1>Interest from partners not deductible against interest paid. High Court rules in favor of tax department.</h1> The High Court of Allahabad held that interest received from partners of a firm cannot be deducted from interest paid to partners under section 40(b) of ... Income Tax Act, Profits And Gains Of Business Or Profession The High Court of Allahabad ruled that interest received from partners of a firm cannot be deducted from interest paid to partners for the purposes of section 40(b) of the Income-tax Act, 1961. The court upheld the decision of the Income Tax Officer, the Appellate Authority, and the Tribunal, citing section 40(b) which prohibits such deductions. The judgment favored the department and no costs were awarded. (Case citation: 1979 (8) TMI 66 - Allahabad High Court)
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