https://www.taxtmi.com/caselaws?id=14775 The High Court of ALLAHABAD upheld the disallowance of interest payments to partners of a firm under section 40(b) of the Income-tax Act, 1961 for the assessment year 1973-74. The court found that the partners and the recipients of interest were the same Hindu undivided families, leading to the affirmation of the Assessing Officer's decision to disallow the payments. The Tribunal's earlier deletion of the disallowance was deemed incorrect, resulting in the confirmation of disallowance of interest payments to the partners. en-us Wed, 29 Sep 1999 00:00:00 +0530 Sat, 18 Jul 2009 15:40:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14775 The High Court of ALLAHABAD upheld the disallowance of interest payments to partners of a firm under section 40(b) of the Income-tax Act, 1961 for the assessment year 1973-74. The court found that the partners and the recipients of interest were the same Hindu undivided families, leading to the affirmation of the Assessing Officer's decision to disallow the payments. The Tribunal's earlier deletion of the disallowance was deemed incorrect, resulting in the confirmation of disallowance of interest payments to the partners. Case-Laws Income Tax Wed, 29 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14775