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<h1>Interest on Bank Overdrafts Not Deductible as Business Expenditure: High Court Decision</h1> The High Court of Madhya Pradesh upheld the Tribunal's decision that interest payment on bank overdrafts was not deductible as a business expenditure ... Interest, Business Expenditure, Interest On Money Borrowed For Payment The High Court of Madhya Pradesh ruled that the interest payment of Rs. 3,18,203 on bank overdrafts was not an allowable deduction in computing the income of the assessee for the assessment year 1980-81. The Tribunal's decision was upheld, stating that the interest was not a business expenditure as per the Income-tax Act.
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