https://www.taxtmi.com/caselaws?id=58235 The Appellate Tribunal ruled in favor of the assessee, holding that interest paid to Hindu Undivided Family (HUF) accounts of certain individuals should not be included in the total income of the assessee under section 40(b) of the Income-tax Act, 1961. The Tribunal emphasized that the amounts credited to HUF accounts belonged to the HUFs and the interest paid on these amounts pertained exclusively to the HUFs, not the individual partners. The judgment highlighted the distinction between HUF accounts and individual partners' accounts, ultimately dismissing the departmental appeals. en-us Sat, 27 Aug 1983 00:00:00 +0530 Sat, 18 Dec 2010 10:55:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58235 The Appellate Tribunal ruled in favor of the assessee, holding that interest paid to Hindu Undivided Family (HUF) accounts of certain individuals should not be included in the total income of the assessee under section 40(b) of the Income-tax Act, 1961. The Tribunal emphasized that the amounts credited to HUF accounts belonged to the HUFs and the interest paid on these amounts pertained exclusively to the HUFs, not the individual partners. The judgment highlighted the distinction between HUF accounts and individual partners' accounts, ultimately dismissing the departmental appeals. Case-Laws Income Tax Sat, 27 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58235