Law:

Section:

Section 40(b), read with section 256 of the Income-tax Act, 1961 - Business disallowance - Interest, salary, etc. paid by firm to partner - Whether question as to whether Tribunal was justified in arriving at a conclusion that only net amount paid by firm to a partner after adjusting interest paid by him to firm should be disallowed under section 40(b), irrespective of fact that amount of interest was received by him in a capacity other than capacity in which he paid interest to firm or was a partner in firm, was a question of law arising out of Tribunal's order - Held, yes JUDGMENT R.K. Gulati, J.-Upon hearing the parties, we are satisfied that the following question of law does arise out of the order passed by the Income-tax Appellate Tribunal : "(1) Whether in…

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