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1986 (11) TMI 39 - HC - Income TaxExtract: ....... by this court in Balchand Hashmatrai and Co. v. CIT 1986 161 ITR 121, that if a person is a partner in a firm in a representative capacity and if such partner lends to the partnership monies belonging to him individually, then the interest paid to such partner on the monies lent by him is not liable to be added back under section 40(b) of the Act.
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