https://www.taxtmi.com/caselaws?id=59954 The case involved the application of section 40(b) of the Income Tax Act, 1961 to interest payments made to partners in their individual capacities. The Income Tax Officer disallowed the interest payments, but the Tribunal allowed the appeals by the assessee for the assessment years 1972-73 and 1977-78. The Tribunal quashed the disallowance for 1972-73 and directed the deletion of disallowances for 1977-78 based on conflicting High Court decisions and a favorable interpretation to the assessee. en-us Thu, 27 Mar 1980 00:00:00 +0530 Mon, 03 Jan 2011 10:42:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59954 The case involved the application of section 40(b) of the Income Tax Act, 1961 to interest payments made to partners in their individual capacities. The Income Tax Officer disallowed the interest payments, but the Tribunal allowed the appeals by the assessee for the assessment years 1972-73 and 1977-78. The Tribunal quashed the disallowance for 1972-73 and directed the deletion of disallowances for 1977-78 based on conflicting High Court decisions and a favorable interpretation to the assessee. Case-Laws Income Tax Thu, 27 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59954