https://www.taxtmi.com/caselaws?id=21214 The court ruled in favor of the assessee, holding that section 40(b) of the Income-tax Act did not apply to interest payments made to entities other than the partners. Additionally, sections 64(1)(vii) and 64(2) were found not applicable to loan transactions between partners and their family members. The court rejected the Revenue's argument that the transactions were tax avoidance devices, emphasizing the lack of evidence showing actual tax loss. The decisions of the Commissioner (Appeals) and the Appellate Tribunal were affirmed, with all questions answered in favor of the assessee and against the Revenue. en-us Fri, 20 Nov 1992 00:00:00 +0530 Fri, 20 Nov 2009 17:39:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21214 The court ruled in favor of the assessee, holding that section 40(b) of the Income-tax Act did not apply to interest payments made to entities other than the partners. Additionally, sections 64(1)(vii) and 64(2) were found not applicable to loan transactions between partners and their family members. The court rejected the Revenue's argument that the transactions were tax avoidance devices, emphasizing the lack of evidence showing actual tax loss. The decisions of the Commissioner (Appeals) and the Appellate Tribunal were affirmed, with all questions answered in favor of the assessee and against the Revenue. Case-Laws Income Tax Fri, 20 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21214