https://www.taxtmi.com/caselaws?id=24763 The High Court held that interest paid to a partner in his individual capacity is not deductible under Section 40(b) of the Income-tax Act, 1961. The Explanations added in 1984 were deemed clarificatory but not retrospective. The majority decision favored the Revenue, disallowing the deduction for interest paid to the partner in his individual capacity. Each party was directed to bear its own costs. en-us Mon, 09 May 1988 00:00:00 +0530 Fri, 22 Jan 2010 11:58:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24763 The High Court held that interest paid to a partner in his individual capacity is not deductible under Section 40(b) of the Income-tax Act, 1961. The Explanations added in 1984 were deemed clarificatory but not retrospective. The majority decision favored the Revenue, disallowing the deduction for interest paid to the partner in his individual capacity. Each party was directed to bear its own costs. Case-Laws Income Tax Mon, 09 May 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24763