1988 (8) TMI 53 - HC - Income Tax

Summary

The High Court of Rajasthan ruled that interest payments on loans from Hindu undivided family funds were not deductible under section 40(b) of the Income-tax Act, 1961. The Tribunal's decision in favor of the assessee was overturned, and the Revenue's reference was upheld. (Case citation: 1988 (8) TMI 53 - RAJASTHAN High Court)