https://www.taxtmi.com/caselaws?id=23312 The High Court of Patna held that under section 40(b) of the Income-tax Act, a partnership firm cannot adjust interest received from partners against interest paid when computing taxable income. The Court ruled in favor of the Revenue, directing that the full interest paid by the firm to partners should be included in the firm's income without any adjustments for interest received. The Tribunal's decision allowing the net interest adjustment was overturned, and each party was ordered to bear their own costs for the reference. en-us Thu, 01 Feb 1990 00:00:00 +0530 Fri, 18 Dec 2009 12:35:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23312 The High Court of Patna held that under section 40(b) of the Income-tax Act, a partnership firm cannot adjust interest received from partners against interest paid when computing taxable income. The Court ruled in favor of the Revenue, directing that the full interest paid by the firm to partners should be included in the firm's income without any adjustments for interest received. The Tribunal's decision allowing the net interest adjustment was overturned, and each party was ordered to bear their own costs for the reference. Case-Laws Income Tax Thu, 01 Feb 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23312