1978 (2) TMI 117 - AT - Income Tax

Summary

The Appellate Tribunal ITAT DELHI-A dismissed the appeals regarding disallowance of interest payments to Life Insurance Corporation by the assessee, upholding the order of the AAC. The Tribunal found that the loan was obtained from LIC through a partner as a conduit, and the interest was directly paid by the assessee to LIC, not to the partner, thus s. 40(b) of the IT Act was not applicable.