https://www.taxtmi.com/caselaws?id=29316 The High Court of Madhya Pradesh held that interest payments made to partners of a firm, regardless of their capacity as individuals or kartas of Hindu Undivided Families, were not deductible under Section 40(b) of the Income Tax Act. The court upheld the Tribunal's decision, ruling against the assessee and affirming that the interest payments were not allowable deductions. The court found in favor of the Revenue, concluding that the interest payments to partners were not deductible under the Income Tax Act. en-us Fri, 16 Apr 1982 00:00:00 +0530 Fri, 12 Mar 2010 11:37:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29316 The High Court of Madhya Pradesh held that interest payments made to partners of a firm, regardless of their capacity as individuals or kartas of Hindu Undivided Families, were not deductible under Section 40(b) of the Income Tax Act. The court upheld the Tribunal's decision, ruling against the assessee and affirming that the interest payments were not allowable deductions. The court found in favor of the Revenue, concluding that the interest payments to partners were not deductible under the Income Tax Act. Case-Laws Income Tax Fri, 16 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29316