https://www.taxtmi.com/caselaws?id=64156 An alternate claim for deduction of interest under section 80V was not barred merely because it had not been raised in the lower proceedings. The decisive question was whether the interest payment met the statutory requirement, and the debit balance created when the firm discharged the assessee's income-tax and wealth-tax liabilities was treated in substance as a borrowal. The accounting form did not change the real character of the transaction, because the arrangement operated as an advance of money for meeting tax liabilities. On that basis, the interest was held deductible under section 80V of the Income-tax Act, 1961. en-us Fri, 04 Feb 1983 00:00:00 +0530 Sat, 05 Feb 2011 11:28:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64156 An alternate claim for deduction of interest under section 80V was not barred merely because it had not been raised in the lower proceedings. The decisive question was whether the interest payment met the statutory requirement, and the debit balance created when the firm discharged the assessee's income-tax and wealth-tax liabilities was treated in substance as a borrowal. The accounting form did not change the real character of the transaction, because the arrangement operated as an advance of money for meeting tax liabilities. On that basis, the interest was held deductible under section 80V of the Income-tax Act, 1961. Case-Laws Income Tax Fri, 04 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64156