1986 (1) TMI 14

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..... d the following question of law to this court for its opinion: " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in holding that the interest paid by the assessee-firm to the Hindu undivided family Prakash Chandra Sobhagmal and Arunkumar Sobhagmal on their loan accounts is to be disallowed under the provisions of section 40(b) of the Inco .....

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..... assessee-firm to its partners, Prakashchandra Sobhagmal and Arunkumar Sobhagmal, was rightly disallowed by the Income-tax Officer under section 40(b) of the Act. The Tribunal accordingly allowed the appeal. Hence, at the instance of the assessee, the Tribunal has referred the aforesaid question of law to this court for its opinion. Learned counsel for the assessee contended that the matter was .....

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