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1978 (2) TMI 5 - ALLAHABAD HIGH COURTExtract: .......was paid on the capital contributed by a person who was a partner of the firm. In this view, we answer the question referred to us by holding that the payment of interest on these capital accounts was not a permissible deduction, in favour of the department and against the assessee. In view of the divided success, parties will bear their own costs.
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