https://www.taxtmi.com/caselaws?id=64118 The Tribunal upheld the AAC's decision regarding the allowance of interest paid to Smt. Vijaya Lakshmi, stating it was deductible as a trade liability for business purposes. The disallowance of interest paid to partner Shri G.S. Rastogi was overturned as it was found to be paid to the Life Insurance Corporation of India. The examination of the claim under s. 40-A(3) was upheld, and the recalculation of interest under s. 139(8) and s. 215 was deemed correct, resulting in the dismissal of the Revenue's objection and the appeal being ultimately dismissed. en-us Fri, 28 Jul 1978 00:00:00 +0530 Thu, 03 Feb 2011 18:38:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64118 The Tribunal upheld the AAC's decision regarding the allowance of interest paid to Smt. Vijaya Lakshmi, stating it was deductible as a trade liability for business purposes. The disallowance of interest paid to partner Shri G.S. Rastogi was overturned as it was found to be paid to the Life Insurance Corporation of India. The examination of the claim under s. 40-A(3) was upheld, and the recalculation of interest under s. 139(8) and s. 215 was deemed correct, resulting in the dismissal of the Revenue's objection and the appeal being ultimately dismissed. Case-Laws Income Tax Fri, 28 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64118