Deduction u/s 40B.

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..... interest from the same partner only the net interest can be stated to have been received or paid by the firm and only this amount can be considered for the purpose of assessment or disallowance u/s.40(b) of the I.T.Act. Subsequently the board issued departmental instructions No.822(F.No, 228/13/75-ITA II) dated 25-9-1975 which were diametrically opposed to the public circular No.33D. Under thes .....

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..... The instruction No.882(F.No.228/13/75-ITA II) dated 25-9-1975 stands superseded with immediate effect. The above instructions will apply to all pending assessments. Completed assessments need not be disturbed. These instructions may be brought to the notice of all the officers working in your charge. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management Ind .....

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