https://www.taxtmi.com/caselaws?id=71541 The Tribunal upheld the AAC's decision regarding the taxability of income from undisclosed sources but reversed the AAC's decision on the admissibility of interest on the bank loan. The Tribunal concluded that the interest could not be allowed as business expenditure. The matter was referred to the President for a Third Member, who agreed with the Accountant Member, resulting in the Revenue's appeals being allowed in part for the assessment year 1979-80 and in full for subsequent years. en-us Mon, 23 Dec 1996 00:00:00 +0530 Fri, 21 Jun 2013 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71541 The Tribunal upheld the AAC's decision regarding the taxability of income from undisclosed sources but reversed the AAC's decision on the admissibility of interest on the bank loan. The Tribunal concluded that the interest could not be allowed as business expenditure. The matter was referred to the President for a Third Member, who agreed with the Accountant Member, resulting in the Revenue's appeals being allowed in part for the assessment year 1979-80 and in full for subsequent years. Case-Laws Income Tax Mon, 23 Dec 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71541