https://www.taxtmi.com/caselaws?id=16965 The High Court, following a Supreme Court decision, upheld the Tribunal's view in favor of the assessee, ruling against the Revenue. The case clarified that where transactions involve mutuality and pertain to partnership funds, section 40(b) does not hinder quantifying interest based on such mutuality. The judgment emphasizes the significance of considering mutuality in transactions for determining interest deductions under the Income-tax Act, 1961. en-us Mon, 06 May 1996 00:00:00 +0530 Mon, 14 Sep 2009 12:58:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16965 The High Court, following a Supreme Court decision, upheld the Tribunal's view in favor of the assessee, ruling against the Revenue. The case clarified that where transactions involve mutuality and pertain to partnership funds, section 40(b) does not hinder quantifying interest based on such mutuality. The judgment emphasizes the significance of considering mutuality in transactions for determining interest deductions under the Income-tax Act, 1961. Case-Laws Income Tax Mon, 06 May 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16965