1980 (7) TMI 145

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..... ri Rattanlal was rightly deleted by the ld. AAC. 2. The assessment concerned are for the yrs. 1976-77 and 1977-78. The assessee is a partnership concern having four partners. Two of the partners Svs. Kashiram Shri Rattanlal had joined the firm in their individual capacity. They had their own individual accounts in which interest was paid and the same was added back in the computation of the fi .....

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..... o be added back in the computation of the income of the firm. The disallowance to be made is thus of the interest paid to the partners. In the present case Svs. Kashi Ram and Rattanlal were partners in their individual capacity and whatever interest was paid in the individual accounts was rightly added back under s. 40(b). Apart from that interest was also paid to their respective HUFs. The author .....

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