https://www.taxtmi.com/caselaws?id=71771 The Appellate Tribunal ITAT Pune allowed the appeal by a partnership firm against the CIT's order under section 263 of the IT Act, 1961. The CIT's disallowance of interest paid to partners in their individual capacities was deemed incorrect as the interest did not fall under section 40(b) of the Act. The Tribunal referenced various judicial precedents and distinguished conflicting decisions to support its conclusion that the interest payments were permissible. As a result, the firm succeeded in the appeal, and the appeals were allowed. en-us Fri, 14 Sep 1984 00:00:00 +0530 Wed, 27 Apr 2011 10:03:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71771 The Appellate Tribunal ITAT Pune allowed the appeal by a partnership firm against the CIT's order under section 263 of the IT Act, 1961. The CIT's disallowance of interest paid to partners in their individual capacities was deemed incorrect as the interest did not fall under section 40(b) of the Act. The Tribunal referenced various judicial precedents and distinguished conflicting decisions to support its conclusion that the interest payments were permissible. As a result, the firm succeeded in the appeal, and the appeals were allowed. Case-Laws Income Tax Fri, 14 Sep 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71771