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of <h1>Court disallows deduction of interest earned from interest paid for tax purposes under Tamil Nadu Agricultural Income-tax Act</h1> The High Court of Madras allowed the revision petition, holding that interest earned cannot be deducted from interest paid when determining allowable ... Deduction, Interest On Borrowed Capital The High Court of Madras allowed the revision petition against the Agricultural Income-tax Appellate Tribunal's order, stating that the assessee cannot deduct interest earned from interest paid before determining the allowable deduction under section 5(k) of the Tamil Nadu Agricultural Income-tax Act, 1955. The court held that the method of accounting adopted by the assessee was not legally permissible. The court set aside the Tribunal's order and allowed the revision petition.
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