Deduction u/s 40B.

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....ame partner only the net interest can be stated to have been received or paid by the firm and only this amount can be considered for the purpose of assessment or disallowance u/s.40(b) of the I.T.Act. Subsequently the board issued departmental instructions No.822(F.No, 228/13/75-ITA II) dated 25-9-1975 which were diametrically opposed to the public circular No.33D. Under these instructions, the b....