https://www.taxtmi.com/caselaws?id=14965 HC upheld the Tribunal's findings that payments by a firm to partners-interest on capital and salary to working partners-are allowable deductions to the extent permitted under section 40(b). The court treated section 40(b) as an absolute bar against disallowance only where payments are not bona fide, and agreed the Tribunal correctly examined partnership deeds and evidence. The HC also accepted the Tribunal's direction to recompute income allowing interest and depreciation per the Board's circular; these were factual findings raising no question of law, so no reference was made. en-us Fri, 24 Sep 1999 00:00:00 +0530 Wed, 08 Oct 2025 20:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14965 HC upheld the Tribunal's findings that payments by a firm to partners-interest on capital and salary to working partners-are allowable deductions to the extent permitted under section 40(b). The court treated section 40(b) as an absolute bar against disallowance only where payments are not bona fide, and agreed the Tribunal correctly examined partnership deeds and evidence. The HC also accepted the Tribunal's direction to recompute income allowing interest and depreciation per the Board's circular; these were factual findings raising no question of law, so no reference was made. Case-Laws Income Tax Fri, 24 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14965