Supreme Court of India
Dmai
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We hold that even for the period anteriror to April 1, 1985, any interest paid to a partner, who is a partner representing his H.U.F. on the deposit of his personally individual funds, does not fall within the mischief of clause (b) of Section.
Judgment, page 4
From the headnote
JUDGMENT: J U M N T K.Venkataswami J. The question that has been referred to this Court under Section 257 of the Income Tax Act, 1961 (hereinafter called "the Act") reads as follows :- "Whether on the facts and circumstances of the case, the assessee’s claim to the benefit of clause (b) of Section 40 of the Income Tax Act. 1961 has been rightly disallowed?". The assessment year in question is 1976-77. The case of the assessee firm was that M/s. Shanti Kumar Jain, Ashok Kumar Jain, Raj Kumar Jain and Niranjan were partners in the firm in their capacity as karta of respective HUF.
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