1985 (12) TMI 134

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..... Sultania is the Karta of the joint family and also a partner in the representative capacity in the assessee firm. The ITO under aegis of s. 40(b) disallowed the interest and added in the income of the firm. The AAC relying on the several judicial pronouncements like CIT vs. London Machinery Co. (1979) 10 CTR (All) 301 : (1979) 117 ITR 111 (All) and CIT vs. Brijmohan Das Laxman Das (1979) 11 CTR (A .....

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..... tner in a representative capacity, shall not be taken into account for the purposes of this clause: Since this is an explanatory provisions, the provision will be retrospective and will apply to the year in appeal as well. Taxing into account this provision, I have no hesitation in holding that the findings of the lower authorities are misconceived in law and does not have any support in law. It .....

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