1978 (11) TMI 33

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....t relates to the assessment of 1966-67 and the question before us is as follows : " Whether, on the facts and in the circumstances of the case and on a correct interpretation of section 67(3) of the Income-tax Act, 1961, the Tribunal was right in holding that the interest of Rs. 79,609 was an allowable deduction in computing the share of the assessee in the income of the firm, M/s. Soorajmull N....