https://www.taxtmi.com/caselaws?id=27906 The High Court of Madras ruled in favor of the assessee, allowing the deduction of interest paid to the estate account. The court determined that the interest was received by the trustee, not the minor partners, and therefore, section 40(b) of the Income-tax Act did not apply. Citing previous decisions, the court emphasized that payments to a trustee or a partner's family do not trigger section 40(b) if the partner is treated as an individual. Consequently, the court denied the application of section 40(b) and granted the assessee the right to the interest deduction. en-us Thu, 16 Jun 1983 00:00:00 +0530 Tue, 16 Feb 2010 17:08:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27906 The High Court of Madras ruled in favor of the assessee, allowing the deduction of interest paid to the estate account. The court determined that the interest was received by the trustee, not the minor partners, and therefore, section 40(b) of the Income-tax Act did not apply. Citing previous decisions, the court emphasized that payments to a trustee or a partner's family do not trigger section 40(b) if the partner is treated as an individual. Consequently, the court denied the application of section 40(b) and granted the assessee the right to the interest deduction. Case-Laws Income Tax Thu, 16 Jun 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27906