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2013 (12) TMI 1097 - AT - Income TaxDeduction u/s 40(b) – liquor business - whether the assessee is to be treated as a firm and consequent benefit of salary and interest would be given to the partners - Held that:- Following assessee’s own case for the A.Y. 2003-04, 2005-06 and 2006-07 - From 1-4-1994 sections 184/185 have been amended and the earlier procedure of examining genuineness of firm has been dispensed with - As per the amended law, the firm shall be allowed registration if a certified copy of a deed, duly signed by all the partners showing the shares of the partners is filed, the firm is allowed to be registered - U.P. Excise policy does not prohibit constitution of partnership firm for carrying liquor business, so also licenses obtained by individuals can be converted into partnership firm on compliance of certain requirement - The assessee firm is eligible for registration u/s 184/185 and consequently eligible for deduction u/s 40(b) in respect of salary, interest as per law – Decided against Revenue.
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