https://www.taxtmi.com/caselaws?id=66610 The Appellate Tribunal upheld the disallowance of interest paid to a partner of a firm under section 40(b) of the Income-tax Act, 1961 for the assessment years 1979-80 and 1980-81. The Tribunal determined that the interest paid to the partner's proprietary concern was akin to paying interest to the partner directly, thus falling within the ambit of section 40(b). Consequently, the Tribunal affirmed the Income Tax Officer's decision to increase the firm's total income by adding back the interest amount, dismissing the appeals filed by the assessee for both assessment years. en-us Fri, 26 Sep 1986 00:00:00 +0530 Sat, 05 Mar 2011 11:18:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66610 The Appellate Tribunal upheld the disallowance of interest paid to a partner of a firm under section 40(b) of the Income-tax Act, 1961 for the assessment years 1979-80 and 1980-81. The Tribunal determined that the interest paid to the partner's proprietary concern was akin to paying interest to the partner directly, thus falling within the ambit of section 40(b). Consequently, the Tribunal affirmed the Income Tax Officer's decision to increase the firm's total income by adding back the interest amount, dismissing the appeals filed by the assessee for both assessment years. Case-Laws Income Tax Fri, 26 Sep 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66610