https://www.taxtmi.com/caselaws?id=21318 On a correct construction of section 40(b) of the Income-tax Act, the disallowance of partner interest is limited to the net interest after setting off interest received from the same partners, not the gross interest paid. The issue was governed by the Supreme Court ruling in Keshavji Ravji and Co. v. CIT, which treated reciprocal interest as reducing the amount liable to be added back. The question was answered in favour of the assessee. en-us Mon, 02 Nov 1992 00:00:00 +0530 Sat, 21 Nov 2009 15:39:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21318 On a correct construction of section 40(b) of the Income-tax Act, the disallowance of partner interest is limited to the net interest after setting off interest received from the same partners, not the gross interest paid. The issue was governed by the Supreme Court ruling in Keshavji Ravji and Co. v. CIT, which treated reciprocal interest as reducing the amount liable to be added back. The question was answered in favour of the assessee. Case-Laws Income Tax Mon, 02 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21318