1985 (12) TMI 134 - AT - Income Tax

Summary

The appeal was filed by the assessee for the asst. yr. 1981-82 regarding the addition of Rs. 9830 interest on a loan. The ITAT Patna held that the interest should not be added to the income of the firm based on the new provision in s. 40(b) introduced by the Taxation Law (Amendment) Act, 1984. The appeal was allowed.