https://www.taxtmi.com/caselaws?id=71709 The Tribunal ruled in favor of the assessee, holding that the interest paid to Shri P.T. Shah, HUF, should not be disallowed under section 40(b) as per the Board Circular. The Tribunal observed that subsequent assessments treated the account as that of the HUF, as evidenced by the inclusion of the interest in the HUF's assessments. Therefore, the amount was deemed to belong to the HUF, leading to the deletion of the disallowed amount of Rs. 6,821. en-us Mon, 19 Dec 1977 00:00:00 +0530 Tue, 26 Apr 2011 17:03:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71709 The Tribunal ruled in favor of the assessee, holding that the interest paid to Shri P.T. Shah, HUF, should not be disallowed under section 40(b) as per the Board Circular. The Tribunal observed that subsequent assessments treated the account as that of the HUF, as evidenced by the inclusion of the interest in the HUF's assessments. Therefore, the amount was deemed to belong to the HUF, leading to the deletion of the disallowed amount of Rs. 6,821. Case-Laws Income Tax Mon, 19 Dec 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71709