1992 (7) TMI 47 - HC - Income Tax

Summary

The High Court of Orissa directed the Income-tax Appellate Tribunal to refer a question regarding the deduction of interest paid to a partner under section 40(b) of the Income-tax Act. The Tribunal found that the interest paid to partners was already considered in the computation of income and directed deletion of the amount. However, the High Court felt that the matter should be reheard by the Tribunal to determine if interest payment was accounted for in previous assessments. The reference was disposed of with no costs.