https://www.taxtmi.com/caselaws?id=5548 The SC allowed the appeal, holding that interest paid to a partner who represents a Hindu undivided family on deposits of his personal funds is not disallowable under s.40(b). Explanation 2 reflects the legislative recognition that an individual may act in different capacities and is declaratory, applying retrospectively to periods before April 1, 1985. The Court answered the reference under s.256 in favour of the assessee and against the Revenue, setting aside the HC judgment. en-us Tue, 10 Dec 1996 00:00:00 +0530 Tue, 14 Oct 2025 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5548 The SC allowed the appeal, holding that interest paid to a partner who represents a Hindu undivided family on deposits of his personal funds is not disallowable under s.40(b). Explanation 2 reflects the legislative recognition that an individual may act in different capacities and is declaratory, applying retrospectively to periods before April 1, 1985. The Court answered the reference under s.256 in favour of the assessee and against the Revenue, setting aside the HC judgment. Case-Laws Income Tax Tue, 10 Dec 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5548