https://www.taxtmi.com/caselaws?id=20625 The court concluded that the interest paid to the partners in their individual capacity should not be disallowed under section 40(b) of the Income-tax Act, 1961. The Tribunal's decision was upheld, stating that the Explanations introduced were clarificatory and applicable to prior assessments. The judgment favored the assessee, emphasizing the distinction between partners acting in a representative capacity and an individual capacity. The court ruled in favor of the assessee, affirming the applicability of the Explanations and rejecting the disallowance of interest paid to partners in their individual capacity. en-us Tue, 26 Nov 1991 00:00:00 +0530 Mon, 16 Nov 2009 12:00:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20625 The court concluded that the interest paid to the partners in their individual capacity should not be disallowed under section 40(b) of the Income-tax Act, 1961. The Tribunal's decision was upheld, stating that the Explanations introduced were clarificatory and applicable to prior assessments. The judgment favored the assessee, emphasizing the distinction between partners acting in a representative capacity and an individual capacity. The court ruled in favor of the assessee, affirming the applicability of the Explanations and rejecting the disallowance of interest paid to partners in their individual capacity. Case-Laws Income Tax Tue, 26 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20625