https://www.taxtmi.com/caselaws?id=12339 The High Court upheld the Tribunal's findings in favor of the assessee. It ruled that the interest paid to the partners on their individual accounts was not includible in the firm's hands under section 40(b) of the Income Tax Act, 1961. Additionally, the Court found sufficient material to support that the partners had individual businesses and undisclosed sources of income, separate from the firm. en-us Mon, 26 Aug 2002 00:00:00 +0530 Mon, 22 Feb 2010 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12339 The High Court upheld the Tribunal's findings in favor of the assessee. It ruled that the interest paid to the partners on their individual accounts was not includible in the firm's hands under section 40(b) of the Income Tax Act, 1961. Additionally, the Court found sufficient material to support that the partners had individual businesses and undisclosed sources of income, separate from the firm. Case-Laws Income Tax Mon, 26 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12339