9911796707
TMI Blog1984 (5) TMI 102X X X X Extracts X X X X X X X X Extracts X X X X ..... ual account of one Shri Purshottam Das who represented his HUF, namely Shri Purshottam Das Ghodawat in the assessee firm. The question arose whether the interest so paid was hit by s. 40 (b). On appeal the AAC reversed the order of the ITO. Aggrieved, the Revenue has come up in appeal to the Tribunal. We have heard Shri Singh, ld. Departmental Represenative and Shri Verma, ld. counsel for the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of Sankar Theaters vs. CIT (1983) 37 CTR (Bom) 17 : (1984) 146 ITR 547 (Bom). In this authority interest was paid on personal loan having been advanced by the Mananger of the HUF who was a partner in the firm in a representative capacity. The Bombay High Court held that the manger of the HUF was a partner in representative capacity and interest having not been paid to the HUF who was a partn ..... X X X X Extracts X X X X X X X X Extracts X X X X
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