https://www.taxtmi.com/caselaws?id=64553 The Tribunal dismissed the appeal, affirming the disallowance of the interest payment claimed as a deduction in the computation of the assessee's total income. The Tribunal held that the interest was not deductible as it was charged due to the unlawful withholding of revenue, not borrowing for business purposes. The interest payment was deemed a result of statutory default, not related to the legitimate business activities of the assessee. en-us Thu, 22 Oct 1981 00:00:00 +0530 Tue, 08 Feb 2011 15:24:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64553 The Tribunal dismissed the appeal, affirming the disallowance of the interest payment claimed as a deduction in the computation of the assessee's total income. The Tribunal held that the interest was not deductible as it was charged due to the unlawful withholding of revenue, not borrowing for business purposes. The interest payment was deemed a result of statutory default, not related to the legitimate business activities of the assessee. Case-Laws Income Tax Thu, 22 Oct 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64553