https://www.taxtmi.com/caselaws?id=26888 The High Court ruled in favor of the Revenue, holding that the interest paid by the firm to its partners on fictitious hundi loans is not deductible under section 40(b) of the Income-tax Act, 1961. The Court affirmed the separate assessment treatment of registered firms and their partners, emphasizing the distinct entity status of a firm for income-tax purposes. en-us Tue, 05 Feb 1985 00:00:00 +0530 Tue, 09 Feb 2010 11:38:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26888 The High Court ruled in favor of the Revenue, holding that the interest paid by the firm to its partners on fictitious hundi loans is not deductible under section 40(b) of the Income-tax Act, 1961. The Court affirmed the separate assessment treatment of registered firms and their partners, emphasizing the distinct entity status of a firm for income-tax purposes. Case-Laws Income Tax Tue, 05 Feb 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26888