https://www.taxtmi.com/caselaws?id=168788 Receipts and payments under the Ordinance were to be split between principal and interest according to their legal appropriation. Amounts received after the occupation period were not taxable when they represented repayment of principal, but were taxable to the extent they represented interest. Likewise, further payments made to creditors were deductible only insofar as they represented interest on borrowed money; the portion attributable to principal was not an allowable business deduction. The operative tax treatment therefore depended on whether each amount was referable to principal or interest. en-us Tue, 19 Aug 1958 00:00:00 +0530 Thu, 26 Mar 2015 15:25:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168788 Receipts and payments under the Ordinance were to be split between principal and interest according to their legal appropriation. Amounts received after the occupation period were not taxable when they represented repayment of principal, but were taxable to the extent they represented interest. Likewise, further payments made to creditors were deductible only insofar as they represented interest on borrowed money; the portion attributable to principal was not an allowable business deduction. The operative tax treatment therefore depended on whether each amount was referable to principal or interest. Case-Laws Income Tax Tue, 19 Aug 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168788