https://www.taxtmi.com/caselaws?id=25159 The court interpreted section 40(b) of the Income-tax Act, 1961, regarding the deduction of interest paid to partners in a partnership firm. It held that only the net amount of interest paid by the firm to its partners, after adjusting for interest received from the same partners, should be considered for deduction. The court referred to relevant precedents and the amendment to section 40(b) to support its interpretation. The judgment favored the assessee, upholding the Tribunal's decision and ruling against the Revenue. No costs were awarded in the case. en-us Wed, 02 Sep 1987 00:00:00 +0530 Mon, 25 Jan 2010 17:00:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25159 The court interpreted section 40(b) of the Income-tax Act, 1961, regarding the deduction of interest paid to partners in a partnership firm. It held that only the net amount of interest paid by the firm to its partners, after adjusting for interest received from the same partners, should be considered for deduction. The court referred to relevant precedents and the amendment to section 40(b) to support its interpretation. The judgment favored the assessee, upholding the Tribunal's decision and ruling against the Revenue. No costs were awarded in the case. Case-Laws Income Tax Wed, 02 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25159