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1989 (1) TMI 29 - PUNJAB AND HARYANA HIGH COURTExtract: .......firm to the Life Insurance Corporation was in fact interest paid to the partners and the provisions of section 40(b) of the Act were clearly attracted to it. This being so, the reference must accordingly be answered in the negative, in favour of the Revenue and against the assessee. In the circumstances, however, there will be no order as to costs.
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