1988 (5) TMI 31 - HC - Income Tax

Summary

The High Court of Rajasthan ruled in favor of the assessee, stating that the interest paid to the Hindu undivided family represented by Kishanlal was not subject to disallowance under section 40(b) of the Income-tax Act. The Tribunal's decision was upheld, citing a previous case as precedent. The reference was answered in the affirmative, against the Revenue.