https://www.taxtmi.com/circulars?id=9644 Where a firm both pays and receives interest from the same partner, the amount disallowable under section 40(b) is limited to the net interest payable by the firm (the excess of interest paid by the firm over interest received). Instruction No.882 dated 25-9-1975 is superseded; the netting rule applies to all pending assessments while completed assessments need not be disturbed. en-us Wed, 30 Oct 1985 00:00:00 +0530 Wed, 08 Jun 2011 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9644 Where a firm both pays and receives interest from the same partner, the amount disallowable under section 40(b) is limited to the net interest payable by the firm (the excess of interest paid by the firm over interest received). Instruction No.882 dated 25-9-1975 is superseded; the netting rule applies to all pending assessments while completed assessments need not be disturbed. Circulars Income Tax Wed, 30 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9644