Commissioner Of Income Tax vs Mangalore Ganesh Beedi Works
Whether interest payments by a firm to minor children and HUF of partners, made through the partners as natural guardians/kartas, are disallowable under section 40(b) of the Income Tax Act 1961 for assessment year 1982-83 --- Held No, as the Explanations inserted by the Taxation Laws (Amendment) Act 1984 are clarificatory and apply retrospectively to clarify that such payments are not to the partners in their capacity as partners.
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