1983 (12) TMI 77 - AT - Income Tax

Summary

The appeal and cross appeal arose from the common order of the CIT (Appeals) regarding disallowance of interest paid to HUF accounts of partners. The ITAT Ahmedabad held that interest paid to HUF accounts is not subject to disallowance under section 40(b) of the IT Act. The assessee's appeal was allowed, and the department's appeal was rejected. (Case: CIT vs. Sajjanraj Divanchand)