https://www.taxtmi.com/caselaws?id=69898 The Tribunal ruled against the assessee, allowing the Revenue's appeals regarding the deletion of additions made towards interest on credit card holders' deposits and interest on amounts due from a subsidiary company. The Tribunal determined that after the transfer of the credit card business to the subsidiary, the assessee was not entitled to claim deductions for interest payments as they were no longer directly related to the business activities of the assessee. The Revenue succeeded in challenging the allowance of interest as business expenditure, based on the separation of entities post-transfer. en-us Fri, 28 Apr 2006 00:00:00 +0530 Fri, 29 Jun 2012 17:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69898 The Tribunal ruled against the assessee, allowing the Revenue's appeals regarding the deletion of additions made towards interest on credit card holders' deposits and interest on amounts due from a subsidiary company. The Tribunal determined that after the transfer of the credit card business to the subsidiary, the assessee was not entitled to claim deductions for interest payments as they were no longer directly related to the business activities of the assessee. The Revenue succeeded in challenging the allowance of interest as business expenditure, based on the separation of entities post-transfer. Case-Laws Income Tax Fri, 28 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69898