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2018 (9) TMI 141 - ITAT CHENNAIDisallowance on claim made u/s 40(b) - whether status of the firm has to be treated as Association of Persons and thus the claim of expenses on interest and remuneration to partners has to be disallowed, under the provisions of section 40(b)? - Held that:- Considering the clause of partnership deed it would not ipso facto convert partnership firm as one entered between two Trusts and an HUF. This is because of the reason that in the first part of partnership where the description of parties are given, it is never stated that the parties were representing any Trust or HUF. Even if we take that Shri R. Kumaraveluwas representing an HUF, by virtue of judgment of Apex Court in the case of Rashik Lal & Co. (1997 (12) TMI 2 - SUPREME COURT), he could also be considered as a partner in his individual capacity. - Decided against revenue.
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