https://www.taxtmi.com/caselaws?id=176277 The court ruled against the petitioner, denying the allowance claimed for the assessment years 1953-54, 1954-55, and 1955-56. The interest paid to Mysore Bank was not deductible as it was not considered a business transaction. The waiver of interest was deemed voluntary and not for commercial reasons. Additionally, the claimed loss of Rs. 4,948 from a previous assessment year was not allowed as a deduction in the subsequent year. The petitioner was directed to cover the department's costs. en-us Thu, 21 Dec 1961 00:00:00 +0530 Fri, 18 Dec 2015 17:32:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176277 The court ruled against the petitioner, denying the allowance claimed for the assessment years 1953-54, 1954-55, and 1955-56. The interest paid to Mysore Bank was not deductible as it was not considered a business transaction. The waiver of interest was deemed voluntary and not for commercial reasons. Additionally, the claimed loss of Rs. 4,948 from a previous assessment year was not allowed as a deduction in the subsequent year. The petitioner was directed to cover the department's costs. Case-Laws Income Tax Thu, 21 Dec 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176277