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1982 (2) TMI 48 - HC - Income TaxExtract: .......w of the discussion above we hold that the assessee-firm was not entitled to claim deduction of interest paid to its partners in view of the bar contained in s. 40(b) of the I.T. Act, 1961. Question No. (2) is, therefore, answered in the affirmative and against the assessee. The reference is answered accordingly. There will be no order as to costs.
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