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1982 (4) TMI 54 - HC - Income TaxExtract: ....... hold that the Tribunal Was correct in its view in terms of s. 40(b) of the I.T. Act that the payments of interest made to Gokulchand, Shantilal, Kantilal and Gajendrakumar were not allowable as the same were made by the firm to the partners of the firm. Our answer is in the affirmative and against the assessee. There shall be no order as to costs.
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