1988 (8) TMI 87

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.... Revenue to answer the following question of law: "Whether, on the facts and in the circumstances of the case, the Tribunal was legally justified in holding that interest of Rs. 5,403 paid by Shri Kantilal, partner to the firm, on his debit balance was not taxable in the hands of the firm ?" The relevant assessment year is 1978-79. During the relevant period, the assessee-firm had received R....