https://www.taxtmi.com/caselaws?id=24114 The High Court of Punjab and Haryana ruled in favor of the assessee, allowing the deduction of interest paid to partners in their representative capacity under section 37 of the Income-tax Act, 1961. The court emphasized the interpretation that such interest payments should not be disallowed under section 40(b) based on the amendments introduced by the Taxation Laws (Amendment) Act, 1984, and circulars issued by the Central Board of Direct Taxes. The court disagreed with contrary views from other High Courts and held that the Tribunal erred in disallowing the interest payments. en-us Thu, 02 Mar 1989 00:00:00 +0530 Sat, 16 Jan 2010 17:01:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24114 The High Court of Punjab and Haryana ruled in favor of the assessee, allowing the deduction of interest paid to partners in their representative capacity under section 37 of the Income-tax Act, 1961. The court emphasized the interpretation that such interest payments should not be disallowed under section 40(b) based on the amendments introduced by the Taxation Laws (Amendment) Act, 1984, and circulars issued by the Central Board of Direct Taxes. The court disagreed with contrary views from other High Courts and held that the Tribunal erred in disallowing the interest payments. Case-Laws Income Tax Thu, 02 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24114