https://www.taxtmi.com/caselaws?id=69285 Chit kasar paid by a firm to its partners, when received by them as subscribers to the chit scheme and not in their capacity as partners, was treated as outside the scope of section 40(b) of the Income-tax Act, 1961. The payment was characterised as a rebate for participation in the chit and not as interest, salary, remuneration or commission to a partner. On that basis, the statutory disallowance did not apply and the addition of the chit kasar amount was deleted. en-us Fri, 31 Oct 1980 00:00:00 +0530 Wed, 06 Apr 2011 11:04:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69285 Chit kasar paid by a firm to its partners, when received by them as subscribers to the chit scheme and not in their capacity as partners, was treated as outside the scope of section 40(b) of the Income-tax Act, 1961. The payment was characterised as a rebate for participation in the chit and not as interest, salary, remuneration or commission to a partner. On that basis, the statutory disallowance did not apply and the addition of the chit kasar amount was deleted. Case-Laws Income Tax Fri, 31 Oct 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69285