2004 (10) TMI 646 - HC - Income Tax

Summary

The Allahabad High Court ruled in favor of the assessee, a Hindu Undivided Family, in a case involving interest paid by a firm to one of its partners. The court held that the interest paid could not be added to the income of the assessee. The decision was based on a previous ruling that such interest payments are not liable to be added under section 40(b) of the Income Tax Act.