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<h1>Bank overdraft interest not deductible under Income-tax Act for personal tax liabilities. Tribunal decision upheld.</h1> The High Court of Madhya Pradesh held that interest payment on bank overdrafts was not an allowable deduction under the Income-tax Act, 1961. The court ... Deduction The High Court of Madhya Pradesh held that interest payment of Rs. 93,837 on bank overdrafts was not an allowable deduction under section 57(iii) of the Income-tax Act, 1961. The court found that the overdrafts were taken to meet personal tax liabilities, not for earning income. The Tribunal's decision was upheld, and the assessee was responsible for their own costs.
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