https://www.taxtmi.com/caselaws?id=18872 The Tribunal upheld the decision to disallow interest payment under Section 40(b) of the Income-tax Act, 1961. It emphasized that income derived from the converted property belonged to the individual partner, not the HUF. The judgment clarified the distinction between individual and HUF capacities in partnerships, stating that income from the converted property was deemed to arise to the partner individually. Therefore, the interest paid to the HUF was rightly disallowed under Section 40(b), with the reference answered accordingly and no costs awarded. en-us Thu, 30 Mar 1995 00:00:00 +0530 Mon, 02 Nov 2009 15:19:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18872 The Tribunal upheld the decision to disallow interest payment under Section 40(b) of the Income-tax Act, 1961. It emphasized that income derived from the converted property belonged to the individual partner, not the HUF. The judgment clarified the distinction between individual and HUF capacities in partnerships, stating that income from the converted property was deemed to arise to the partner individually. Therefore, the interest paid to the HUF was rightly disallowed under Section 40(b), with the reference answered accordingly and no costs awarded. Case-Laws Income Tax Thu, 30 Mar 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18872