https://www.taxtmi.com/caselaws?id=22109 The court ruled in favor of the assessee, holding that interest payments made to minor children of partners through their natural guardians who are also partners of the firm, as well as interest payments to Hindu undivided families (HUFs) of which the partners are kartas, were not disallowable under section 40(b) of the Income-tax Act. The court applied the clarificatory Explanations introduced by the Taxation Laws (Amendment) Act, 1984, retrospectively, emphasizing that the real recipient of the payment should be considered, and if genuinely made to the minor children or HUFs, such payments should not be disallowed under section 40(b. en-us Fri, 27 Sep 1991 00:00:00 +0530 Fri, 23 Mar 2018 15:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22109 The court ruled in favor of the assessee, holding that interest payments made to minor children of partners through their natural guardians who are also partners of the firm, as well as interest payments to Hindu undivided families (HUFs) of which the partners are kartas, were not disallowable under section 40(b) of the Income-tax Act. The court applied the clarificatory Explanations introduced by the Taxation Laws (Amendment) Act, 1984, retrospectively, emphasizing that the real recipient of the payment should be considered, and if genuinely made to the minor children or HUFs, such payments should not be disallowed under section 40(b. Case-Laws Income Tax Fri, 27 Sep 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22109