1976 (8) TMI 46 - HC - Income Tax

Summary

The High Court of Karnataka dismissed the petition under section 256(2) of the Income-tax Act, 1961, by the Commissioner of Income-tax (Central), Madras. The court held that the interest paid to a partner's Hindu undivided family can be allowed as a deduction, and section 154 of the Act cannot be invoked where there can be more than one view. The Tribunal's decision was upheld, and the petitions were dismissed without costs.