https://www.taxtmi.com/caselaws?id=39111 The court ruled in favor of the revenue, holding that the interest paid to Hindu undivided families represented by partners in the firm was not deductible under section 40(b) of the Income-tax Act, 1961. The court emphasized that the transfer of funds between accounts did not change the nature of the transaction, and based on a previous similar case precedent, determined that section 40(b) applied in this scenario. Therefore, the court concluded that the interest credited to the accounts of Hindu undivided families was not deductible under section 40(b). en-us Wed, 11 Dec 1974 00:00:00 +0530 Tue, 13 Apr 2010 10:25:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39111 The court ruled in favor of the revenue, holding that the interest paid to Hindu undivided families represented by partners in the firm was not deductible under section 40(b) of the Income-tax Act, 1961. The court emphasized that the transfer of funds between accounts did not change the nature of the transaction, and based on a previous similar case precedent, determined that section 40(b) applied in this scenario. Therefore, the court concluded that the interest credited to the accounts of Hindu undivided families was not deductible under section 40(b). Case-Laws Income Tax Wed, 11 Dec 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39111