https://www.taxtmi.com/caselaws?id=16254 The court ruled in favor of the assessee regarding the treatment of salary and interest payments to partners in a firm under section 40(b) of the Income-tax Act for the assessment year 1980-81. It differentiated between payments made to partners in their individual capacity versus as representatives of Hindu undivided families, determining that salary and interest paid to partners in their individual capacity should not be added to the firm's income under section 40(b. However, the court held that interest paid on Hindu undivided family credit balances should be added to the firm's income under section 40(b) for the assessment year 1980-81. en-us Wed, 14 Oct 1998 00:00:00 +0530 Fri, 04 Sep 2009 17:07:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16254 The court ruled in favor of the assessee regarding the treatment of salary and interest payments to partners in a firm under section 40(b) of the Income-tax Act for the assessment year 1980-81. It differentiated between payments made to partners in their individual capacity versus as representatives of Hindu undivided families, determining that salary and interest paid to partners in their individual capacity should not be added to the firm's income under section 40(b. However, the court held that interest paid on Hindu undivided family credit balances should be added to the firm's income under section 40(b) for the assessment year 1980-81. Case-Laws Income Tax Wed, 14 Oct 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16254