https://www.taxtmi.com/caselaws?id=24275 The court ruled in favor of the Revenue, holding that the interest paid in the case was not allowable under section 36(1)(iii) of the Income-tax Act, 1961, and was disallowable under section 40(b) of the Act. The judgment clarified the impact of partial partition under section 171(9) on the deduction of interest paid by an assessee-firm, emphasizing the joint liability of the Hindu undivided family and the disallowance of interest paid to coparceners as partners of the firm. en-us Wed, 22 Feb 1989 00:00:00 +0530 Tue, 19 Jan 2010 10:12:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24275 The court ruled in favor of the Revenue, holding that the interest paid in the case was not allowable under section 36(1)(iii) of the Income-tax Act, 1961, and was disallowable under section 40(b) of the Act. The judgment clarified the impact of partial partition under section 171(9) on the deduction of interest paid by an assessee-firm, emphasizing the joint liability of the Hindu undivided family and the disallowance of interest paid to coparceners as partners of the firm. Case-Laws Income Tax Wed, 22 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24275