Supreme Court · 1997 INSC 238 · Decided 10 March 1997
Suwalal Anandilal Jain v. Commissioner of Income Tax, Bihar, Ranchi
- Court
- Supreme Court of India
- Citation
- 1997 INSC 238 · [1997] 2 S.C.R. 793
- Case number
- TAX REFERENCE CASE No. 1/1993
- Decided
- 10 March 1997
- Bench
- A.M. AHMADI, SUJATA V. MANOHAR, K. VENKATASWAMI (3-judge bench)
- Case type
- Tax
- Acts & sections cited
- Income Tax Act Section 40(b), 257, 40
Headnote
A B Income Tax Act, 1961 : Section 40(b) Explanation 2 (added in 1984). Income Tax---Deduction~AY 1976-77-Assessee-fir.m comprised of C partners in their capacity as Kartas of their respective HUF~Such partners invested their personal funds in the assessee- firm-Held: Interest paid by the Jinn to individual capacity even prior to 1.4.1978 was an allowable deduction by virtue of Expln. 2 to S. 40(b). D The assessee-firm comprised of partners in their capacity as Kartas of their respective HUFs. The said partners had advanced monies to the assessee-firm in their individual capacity. The
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