1993 (9) TMI 60

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....l has referred the following two questions under section 256(1) of the Income-tax Act, 1961 ("the Act" for short), for our opinion : " 1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in coming to the conclusion that all the primary facts were not disclosed even though the assessee submitted the agreement entered into with National B....

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....him from his individual funds could not be disallowed on the ground that he was a partner of the assessee-firm as karta of the Hindu undivided family. The court observed that it goes without saying that when the assessee represents a Hindu undivided family, the interest, paid to the Hindu undivided family has to be disallowed and not any interest paid to the assessee in his account for the advance....