Supreme Court · 1991 INSC 150 · Decided 12 July 1991
Badal Ram Laxmi Narain v. C.I.T. Lucknow
- Court
- Supreme Court of India
- Citation
- 1991 INSC 150 · [1991] 2 S.C.R. 920
- Case number
- CIVIL APPEAL No. 657/1979
- Decided
- 12 July 1991
- Bench
- K. JAGANNATHA SHETTY, YOGESHWAR DAYAL (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 36(J)(iii), 36(1)
Headnote
LAXMI NARAIN v. C.I.T. LUCKNOW JULY 12, 1991 B [K. JAGANNATHA SHETTY AND YOGESHW AR DAY AL, JJ .] Income Tax Act, 1922: Section 36(J)(iii)-Computation of Income-Interest paid on borrowed capital-Deduction of-Partition of HUF business-Formation of partnership firm by members of HUF-Take over of with borrowed capital. Consequent on partial partition in the family and partition of the family business, the members formed ·the assessee-firm. There was a debit balance in the D capital account of the family which was transferred to the personal accounts of the partners of the firm.
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