1979 (8) TMI 66

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....ferred the following question for the opinion of this court : " Whether, on the facts and in the circumstances of the case, on proper interpretation of section 40(b) of the Income-tax Act, 1961, the interest received from the partners of the firm could not be deducted from the interest paid to the partners by the firm for the purposes of section 40(b) for the assessment year 1971-72 ? " The ....

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.... held likewise. The deductions claimed by the assessee could not be sustained in view of s. 40(b) of the Act, which is in the following words : " 40. Notwithstanding anything to the contrary in sections 30 to 39, the following amounts shall not be deducted in computing the income chargeable under the head 'Profits and gains of business or profession'... (b) in the case of any firm, any payme....