https://www.taxtmi.com/caselaws?id=29315 The High Court ruled in favor of the firm, holding that two separate assessments should have been made for different periods due to the succession of one firm by another, not a change in constitution. The court also determined that interest paid to partners, whether in individual capacities or as kartas of their HUFs, was not deductible under section 40(b) of the Income-tax Act. The firm's claim for deduction was rejected, affirming the decision of the Tribunal. en-us Sat, 27 Feb 1982 00:00:00 +0530 Fri, 12 Mar 2010 11:35:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29315 The High Court ruled in favor of the firm, holding that two separate assessments should have been made for different periods due to the succession of one firm by another, not a change in constitution. The court also determined that interest paid to partners, whether in individual capacities or as kartas of their HUFs, was not deductible under section 40(b) of the Income-tax Act. The firm's claim for deduction was rejected, affirming the decision of the Tribunal. Case-Laws Income Tax Sat, 27 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29315