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Commissioner Of Income-Tax vs Kothari & Co. on 11 June, 1986 cites

Commissioner Of Income-Tax vs Balaji Commercial Syndicate on 15 November, 1983

6. The question is whether the view taken by the Tribunal is correct. The answer to the question does not present any problem in view of the circular instructions issued by the Central Board of Direct Taxes to which our attention has been invited by counsel for the assessee. From the Circular Instruction No. 33-D (XXV-29) of 1965, dated November 8, 1965, it is seen that the view taken by the Allahabad High Court in the said decisions has been accepted. Further, this court also in Income-tax Reference Cases Nos. 15 and 16 of 1982 (CIT v. Balaji Commercial Syndicate - [1987] 165 ITR 596) disposed of on November 15, 1983, has observed that the payment of interest referred to in section 40(b) of the Income-tax Act refers to the actual net amount of interest paid to each partner and the interpretation of section 40(b) could not depend upon a particular way in which interest is accounted for in the books of the firm.
Karnataka High Court Cites 4 - Cited by 2 - K J Shetty - Full Document
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