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1978 (3) TMI 67 - MADHYA PRADESH HIGH COURTExtract: .......equired under s. 23(6) of the Indian Income-tax Act, 1922, and s. 158 of the Income-tax Act, 1961, the interest adjusted on the debit balances of the accounts of the partners in the books of the firm, is not deductible from the share of profits of the respective partners. The Commissioner shall have the costs of this reference. Hearing fee Rs. 150.
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