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1997 (12) TMI 84 - HC - Income TaxExtract: .......ons of the Income-tax Act, 1961, the firm and its partners are to be treated as two separate legal entities and payment of interest to a firm cannot be treated in the tax law as payment of interest to its partners. For the foregoing reasons, both the questions are answered in the affirmative, i.e., in favour of the assessee and against the Revenue.
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