2002 (9) TMI 41

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..... is, "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in overlooking the decision of the jurisdictional High Court in the case of A. S. K. Rathnaswamy Nadar Firm v. CIT [1965] 58 ITR 312 (Mad) and of the Patna High Court in the case of Chandmul Rajgarhia v. CIT [1987] 164 ITR 486 and holding that the salary paid to the partners should not be disallowed und .....

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..... is required to be disallowed under section 40(b) of the Income-tax Act, 1961. The law laid down in that judgment is applicable to the facts of this case as well. Counsel for the assessee, however, submitted that the question should not be answered by us as according to him under the circular issued by the Central Board of Direct Taxes if the amount of tax involved is less than Rs. 30,000, the De .....

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