https://www.taxtmi.com/caselaws?id=27590 The High Court of Karnataka ruled in favor of the Revenue, holding that the interest payment to Smt. Gangamma, a partner of the firm, was disallowed under section 40(b) of the Income-tax Act, 1961. The court emphasized that the provision applies irrespective of the capacity in which a partner joins the firm, whether as an individual or a representative of another entity. The court clarified that the bar under section 40(b) is triggered once an individual becomes a partner, regardless of any dual capacity. en-us Thu, 13 Sep 1984 00:00:00 +0530 Sat, 13 Feb 2010 17:23:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27590 The High Court of Karnataka ruled in favor of the Revenue, holding that the interest payment to Smt. Gangamma, a partner of the firm, was disallowed under section 40(b) of the Income-tax Act, 1961. The court emphasized that the provision applies irrespective of the capacity in which a partner joins the firm, whether as an individual or a representative of another entity. The court clarified that the bar under section 40(b) is triggered once an individual becomes a partner, regardless of any dual capacity. Case-Laws Income Tax Thu, 13 Sep 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27590