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1992 (8) TMI 61 - ALLAHABAD HIGH COURTExtract: ....... was a partner in representative capacity and money was lent in individual capacity by him to the firm, the interest payable is liable to be disallowed under section 40(b) (prior to April 1, 1985). Following the Full Bench decision, we answer the aforementioned question in the affirmative, that is, against the assessee and in favour of the Revenue.
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