1992 (7) TMI 52 - HC - Income Tax

Summary

The High Court of Orissa ruled in favor of the assessee regarding the allowance of interest paid to a partner in his individual capacity when representing the Hindu undivided family in a firm. The court referred to previous cases and held that the provisions of section 40(b) of the Income-tax Act were not attracted in this situation. The decision was made for the assessment year 1981-82.