https://www.taxtmi.com/caselaws?id=21237 The High Court affirmed the Tribunal's decision that interest paid by a partnership firm to individuals who are not partners but have lent money to the firm is deductible under Section 40(b) of the Income-tax Act, 1961. The Court emphasized the importance of establishing the source of the loan and relied on Hindu law presumptions to support its ruling. The judgment favored the assessee, ruling against the Revenue, with a unanimous decision by the judges. en-us Thu, 26 Jul 1990 00:00:00 +0530 Sat, 21 Nov 2009 10:22:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21237 The High Court affirmed the Tribunal's decision that interest paid by a partnership firm to individuals who are not partners but have lent money to the firm is deductible under Section 40(b) of the Income-tax Act, 1961. The Court emphasized the importance of establishing the source of the loan and relied on Hindu law presumptions to support its ruling. The judgment favored the assessee, ruling against the Revenue, with a unanimous decision by the judges. Case-Laws Income Tax Thu, 26 Jul 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21237