https://www.taxtmi.com/caselaws?id=25547 The High Court held that the interest paid to a partner on his interest earning deposit account was covered by section 40(b) of the Income-tax Act, 1961. The Court emphasized the precedent's binding nature, rejecting the suggestion for a larger Bench decision. The reference was decided in favor of the Revenue, upholding the application of section 40(b) to the interest paid to the partner. Justice Om Prakash concurred, highlighting the challenges of varying interpretations by different High Courts and suggesting Supreme Court intervention for achieving unanimity. en-us Tue, 16 Dec 1986 00:00:00 +0530 Fri, 29 Jan 2010 13:30:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25547 The High Court held that the interest paid to a partner on his interest earning deposit account was covered by section 40(b) of the Income-tax Act, 1961. The Court emphasized the precedent's binding nature, rejecting the suggestion for a larger Bench decision. The reference was decided in favor of the Revenue, upholding the application of section 40(b) to the interest paid to the partner. Justice Om Prakash concurred, highlighting the challenges of varying interpretations by different High Courts and suggesting Supreme Court intervention for achieving unanimity. Case-Laws Income Tax Tue, 16 Dec 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25547