https://www.taxtmi.com/caselaws?id=439536 The Tribunal allowed the appeals, directing the AO to allow the deduction of interest paid to partners under section 40(b) to the extent of the prescribed limit and to tax the same in the hands of the partners under section 28(v). The Tribunal emphasized consistency in judicial proceedings, noting that similar deductions were allowed in other assessment years. The Tribunal rejected the application of the Shankar Chemicals Works case, as it was not relevant to the facts of the present case. The appeals were allowed, and the order was pronounced on 10th Mar, 2023. en-us Fri, 10 Mar 2023 00:00:00 +0530 Sat, 24 Jun 2023 10:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439536 The Tribunal allowed the appeals, directing the AO to allow the deduction of interest paid to partners under section 40(b) to the extent of the prescribed limit and to tax the same in the hands of the partners under section 28(v). The Tribunal emphasized consistency in judicial proceedings, noting that similar deductions were allowed in other assessment years. The Tribunal rejected the application of the Shankar Chemicals Works case, as it was not relevant to the facts of the present case. The appeals were allowed, and the order was pronounced on 10th Mar, 2023. Case-Laws Income Tax Fri, 10 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439536