https://www.taxtmi.com/caselaws?id=70863 The Tribunal allowed relief to a partnership firm by directing the disallowance of only the net amount of interest paid to partners under section 40(b) of the IT Act. The Tribunal relied on the Allahabad High Court decisions, rejecting the Revenue's argument that the gross amount of interest should be disallowed. The firm's appeal was allowed, resulting in relief of Rs. 3,777, based on the interpretation of section 40(b) and relevant case law. en-us Wed, 12 Dec 1984 00:00:00 +0530 Tue, 19 Apr 2011 17:19:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70863 The Tribunal allowed relief to a partnership firm by directing the disallowance of only the net amount of interest paid to partners under section 40(b) of the IT Act. The Tribunal relied on the Allahabad High Court decisions, rejecting the Revenue's argument that the gross amount of interest should be disallowed. The firm's appeal was allowed, resulting in relief of Rs. 3,777, based on the interpretation of section 40(b) and relevant case law. Case-Laws Income Tax Wed, 12 Dec 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70863