https://www.taxtmi.com/caselaws?id=27017 The High Court allowed the deduction of interest paid to joint families by a firm for assessment years 1972-73 and 1973-74. Partners, representing joint families, received interest credited to joint family accounts, not individual partner accounts. As partners were not obligated to invest capital, the firm could deduct the interest paid to joint families from its total income under section 40(b) of the Income-tax Act, 1961. The Court held that transferring funds to joint family accounts was legitimate and not an attempt to circumvent tax provisions, ruling in favor of the assessee and awarding costs. en-us Mon, 06 Aug 1984 00:00:00 +0530 Wed, 10 Feb 2010 12:16:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27017 The High Court allowed the deduction of interest paid to joint families by a firm for assessment years 1972-73 and 1973-74. Partners, representing joint families, received interest credited to joint family accounts, not individual partner accounts. As partners were not obligated to invest capital, the firm could deduct the interest paid to joint families from its total income under section 40(b) of the Income-tax Act, 1961. The Court held that transferring funds to joint family accounts was legitimate and not an attempt to circumvent tax provisions, ruling in favor of the assessee and awarding costs. Case-Laws Income Tax Mon, 06 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27017