Commissioner Of Income Tax vs London Machinery Co.

Authority: High Court Date: 1978-10-26 AY: 1972-73 Section: 40(b) Acts: Income Tax Act 1961, Indian Partnership Act 1932, General Clauses Act 1897 Result: Revenue Citation: (1979) 10 CTR (ALL) 301 : (1979) 117 ITR 111 (ALL) : (1979) 1 TAXMAN 24 Justices: Satish Chandra, C.J. & Mufti, J. Appeal No: IT Ref. No. 608 of 1977

Whether interest paid by a firm to its partners on deposits made from their personal funds (as distinct from HUF funds) is disallowable under section 40(b) of the Income Tax Act 1961 --- Held Yes.

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Commissioner Of Income Tax vs London Machinery Co.

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