https://www.taxtmi.com/caselaws?id=56526 The Tribunal allowed the appeal, ruling in favor of the assessee. It held that the partners represented their HUFs in the firm based on the partnership deed and accounts, clarifying that the interest paid to their individual accounts was justified. The disallowance under section 40(b) of the IT Act was deemed unjustified, leading to the deletion of the disallowance and allowing the appeal. The decision emphasized the importance of interpreting the partnership deed and accounts to determine the true nature of the partners' roles in the firm. en-us Sat, 29 May 1976 00:00:00 +0530 Sat, 04 Dec 2010 12:43:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56526 The Tribunal allowed the appeal, ruling in favor of the assessee. It held that the partners represented their HUFs in the firm based on the partnership deed and accounts, clarifying that the interest paid to their individual accounts was justified. The disallowance under section 40(b) of the IT Act was deemed unjustified, leading to the deletion of the disallowance and allowing the appeal. The decision emphasized the importance of interpreting the partnership deed and accounts to determine the true nature of the partners' roles in the firm. Case-Laws Income Tax Sat, 29 May 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56526