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1980 (4) TMI 58 - HC - Income TaxExtract: .......n individual, s. 64 could not be applied. That decision has no application to the facts in this case. The payment of interest to the said two partners were, therefore, rightly disallowed under s. 40(b). The question is accordingly answered in the affirmative and against the assessee. The revenue will be entitled to its costs. Counsel s fee Rs. 500.
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