1980 (7) TMI 145

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....in respect of interest paid to the Hindu undivided Families of Sri Kashiram & Shri Rattanlal was rightly deleted by the ld. AAC. 2. The assessment concerned are for the yrs. 1976-77 and 1977-78. The assessee is a partnership concern having four partners. Two of the partners Svs. Kashiram & Shri Rattanlal had joined the firm in their individual capacity. They had their own individual accounts in....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....b) provides clearly that, inter alia, interest paid to any partner of the firm is to be added back in the computation of the income of the firm. The disallowance to be made is thus of the interest paid to the partners. In the present case Svs. Kashi Ram and Rattanlal were partners in their individual capacity and whatever interest was paid in the individual accounts was rightly added back under s.....