https://www.taxtmi.com/caselaws?id=69678 The Tribunal ruled in favor of the assessee, holding that interest payments to Hindu undivided families were not disallowable under section 40(b) of the Income-tax Act, 1961. The Tribunal emphasized that these payments were related to assets impressed with the character of joint family property, distinguishing them from payments to partners. The decision upheld the Appellate Assistant Commissioner's order, dismissing the Revenue's appeal and confirming that the interest payments were not subject to disallowance under section 40(b). en-us Tue, 25 May 1976 00:00:00 +0530 Mon, 11 Apr 2011 15:15:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69678 The Tribunal ruled in favor of the assessee, holding that interest payments to Hindu undivided families were not disallowable under section 40(b) of the Income-tax Act, 1961. The Tribunal emphasized that these payments were related to assets impressed with the character of joint family property, distinguishing them from payments to partners. The decision upheld the Appellate Assistant Commissioner's order, dismissing the Revenue's appeal and confirming that the interest payments were not subject to disallowance under section 40(b). Case-Laws Income Tax Tue, 25 May 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69678