1995 (4) TMI 34

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... n of this court under section 256(2) of the Income-tax Act, 1961 : " Whether, on the facts and in the circumstances of the case and on proper interpretation of the provisions of section 40(b) of the Income-tax Act, 1961, the Appellate Tribunal was right in holding that the interest paid to the partners by the firm should be deducted from the interest received by it from the partners on their ove .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... s no scope for the application of the provisions of section 40(b) of the Act. However, the Income-tax Officer rejected the assessee's contention and added back a sum of Rs. 23,240 under section 40(b) of the Act. On appeal, the Appellate Assistant Commissioner followed the earlier order of the Tribunal in the case of the same assessee for the assessment year 1976-77 and held that in view of the fac .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X