https://www.taxtmi.com/caselaws?id=21238 Where a Hindu undivided family was a partner in a firm and the karta, in his individual capacity, received interest on amounts advanced to the firm, the Orissa High Court applied its earlier ruling in the assessee's own case and held that section 40(b) of the Income-tax Act, 1961 was not attracted. The Court followed the prior view for the relevant assessment year and answered the reference in the negative, treating the interest as outside the disallowance framework of section 40(b) on the facts considered. en-us Fri, 03 Jul 1992 00:00:00 +0530 Sat, 21 Nov 2009 10:24:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21238 Where a Hindu undivided family was a partner in a firm and the karta, in his individual capacity, received interest on amounts advanced to the firm, the Orissa High Court applied its earlier ruling in the assessee's own case and held that section 40(b) of the Income-tax Act, 1961 was not attracted. The Court followed the prior view for the relevant assessment year and answered the reference in the negative, treating the interest as outside the disallowance framework of section 40(b) on the facts considered. Case-Laws Income Tax Fri, 03 Jul 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21238