https://www.taxtmi.com/caselaws?id=35700 The High Court of Allahabad ruled in a case involving the interpretation of section 40(b) of the Income-tax Act that only the net amount of interest paid to a partner after deducting the interest paid by the partner could be disallowed under the Act. The court relied on previous decisions and held that the payment of interest to a partner on amounts from their Hindu Undivided Family or individual funds falls within the purview of section 40(b), making it inadmissible as a deduction. The court awarded costs of Rs. 200 to the assessee. en-us Thu, 09 Nov 1978 00:00:00 +0530 Tue, 16 Mar 2010 12:00:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35700 The High Court of Allahabad ruled in a case involving the interpretation of section 40(b) of the Income-tax Act that only the net amount of interest paid to a partner after deducting the interest paid by the partner could be disallowed under the Act. The court relied on previous decisions and held that the payment of interest to a partner on amounts from their Hindu Undivided Family or individual funds falls within the purview of section 40(b), making it inadmissible as a deduction. The court awarded costs of Rs. 200 to the assessee. Case-Laws Income Tax Thu, 09 Nov 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35700