2008 (2) TMI 19 - SC - Income Tax

Interest u/s 40(b) to a partner - loans were advanced for business purposes and that interest paid thereon did not exceed 18/12% per annum, the assessee was entitled to deductions under Section 36(1)(iii) read with Section 40(b)(iv) of the 1961 Act - Section 40 is not a stand-alone section