https://www.taxtmi.com/caselaws?id=70581 The Tribunal held that Section 40A(8) of the IT Act should only apply prospectively to interest incurred after 1st April 1976. As the expenditure in question was paid before that date, the disallowance was deemed unwarranted. Consequently, the Tribunal allowed the appeal, reversing the disallowance of Rs. 37,427 and directing the ITO to recalculate the income accordingly. en-us Sat, 08 Aug 1981 00:00:00 +0530 Mon, 18 Apr 2011 10:42:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70581 The Tribunal held that Section 40A(8) of the IT Act should only apply prospectively to interest incurred after 1st April 1976. As the expenditure in question was paid before that date, the disallowance was deemed unwarranted. Consequently, the Tribunal allowed the appeal, reversing the disallowance of Rs. 37,427 and directing the ITO to recalculate the income accordingly. Case-Laws Income Tax Sat, 08 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70581