Brij Mohan DaLaxman Da vs Commissioner Of Income Tax

Authority: Supreme Court Date: 1996-12-10 AY: 1974-75 Section: 40(b)2 Acts: Income Tax Act 1961, Taxation Laws (Amendment) Act 1984, Partnership Act Result: Assessee Citation: (1997) 138 CTR (SC) 214 : (1997) 223 ITR 825 (SC) : (1997) 90 TAXMAN 41 Justices: B.P. Jeevan Reddy & K.S. Paripoornan, JJ. Appeal No: Civil Appeal No. 2100 of 1979
Whether interest paid by a partnership firm to a partner on deposits made by him in his individual capacity is disallowable under Section 40(b) of the Income Tax Act 1961 when the partner represents a Hindu Undivided Family (HUF) --- Held No, as the partner acts in dual capacities and Explanation 2 to Section 40(b) is declaratory.

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