1992 (11) TMI 81 - HC - Income Tax

Summary

The High Court of Delhi, in a judgment delivered by Judge B. N. Kirpal, addressed a tax assessment issue regarding interest payments to partners in an assessee-firm for the assessment year 1976-77. The court ruled in favor of the assessee, following a Supreme Court decision in a similar case, stating that only the net interest paid to partners should be added back under section 40(b) of the Income Tax Act.