KESHAVJI RAVJI & CO. versus COMMISSIONER OF INCOME-TAX
The interest paid by the partnership was withdrawn from the interest paid by the firm to the shareholder, which was paid by the firm, section 40 (b) of the Income Tax Act, 1961 (1984). Prior to the amendment, interest must be excluded from the partner's interest before being refused. (Central Board Circular No. 33D (XXV 24) 1965)
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