1976 (6) TMI 71

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....uction of section 40(b) of the Income-tax Act, 1961. Under this sub-section no deduction is permissible in case of a firm in respect of any payment of interest, salary, bonus, commissioner or remuneration made by the firm to its partner. The manager representing the H.U.F. was a partner and he in his personal capacity had advanced a loan. In respect of the capital contributed by the H.U.F. no inte....