https://www.taxtmi.com/caselaws?id=180565 The Tribunal held that interest paid for the broken period on the purchase of securities is not allowable as revenue expenditure, in accordance with the Supreme Court decision in Vijaya Bank Ltd. The Tribunal emphasized that judicial decisions, like the Supreme Court ruling, prevail over circulars such as Board Circular No. 599. Consequently, the Tribunal reversed the CIT(Appeals) decision and allowed the Revenue's appeal, ruling against the deduction of interest for the broken period. en-us Wed, 02 Jul 1997 00:00:00 +0530 Tue, 29 Mar 2016 17:31:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180565 The Tribunal held that interest paid for the broken period on the purchase of securities is not allowable as revenue expenditure, in accordance with the Supreme Court decision in Vijaya Bank Ltd. The Tribunal emphasized that judicial decisions, like the Supreme Court ruling, prevail over circulars such as Board Circular No. 599. Consequently, the Tribunal reversed the CIT(Appeals) decision and allowed the Revenue's appeal, ruling against the deduction of interest for the broken period. Case-Laws Income Tax Wed, 02 Jul 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180565