1986 (6) TMI 9 - HC - Income Tax

Summary

The High Court of Karnataka ruled in a case involving interest disallowance for a partner of an assessee-firm. The Commissioner (Appeals) decision to disallow only net interest of Rs. 2,181 was upheld by the Appellate Tribunal, citing relevant case law and circular instructions. The Tribunal's decision was deemed correct based on the interpretation of section 40(b) of the Income-tax Act.