https://www.taxtmi.com/caselaws?id=37305 The High Court of Andhra Pradesh ruled in favor of the assessee in a case involving the interpretation of section 40(b) of the Income-tax Act. The dispute centered on the disallowance of interest credited to an individual account versus a Hindu Undivided Family (HUF) account. The Court held that the interest paid to the individual account of the assessee, separate from the HUF account, was not subject to disallowance under section 40(b). Thus, the Court decided against disallowing the interest, emphasizing the maintenance of separate accounts and distinguishing previous cases involving inter-account transfers. en-us Fri, 27 Jan 1978 00:00:00 +0530 Mon, 29 Mar 2010 10:16:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37305 The High Court of Andhra Pradesh ruled in favor of the assessee in a case involving the interpretation of section 40(b) of the Income-tax Act. The dispute centered on the disallowance of interest credited to an individual account versus a Hindu Undivided Family (HUF) account. The Court held that the interest paid to the individual account of the assessee, separate from the HUF account, was not subject to disallowance under section 40(b). Thus, the Court decided against disallowing the interest, emphasizing the maintenance of separate accounts and distinguishing previous cases involving inter-account transfers. Case-Laws Income Tax Fri, 27 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37305