https://www.taxtmi.com/caselaws?id=327656 The Tribunal allowed the appeal against the disallowance under section 41(1) of the Income Tax Act, 1961, confirming that the interest payment to the sister was a genuine gift and not a cessation of liability. The Tribunal held that the transaction was out of natural love and affection, not subject to section 41(1) as it lacked any business consideration, thereby overturning the lower authorities' orders. en-us Fri, 01 Apr 2016 00:00:00 +0530 Thu, 12 May 2016 00:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327656 The Tribunal allowed the appeal against the disallowance under section 41(1) of the Income Tax Act, 1961, confirming that the interest payment to the sister was a genuine gift and not a cessation of liability. The Tribunal held that the transaction was out of natural love and affection, not subject to section 41(1) as it lacked any business consideration, thereby overturning the lower authorities' orders. Case-Laws Income Tax Fri, 01 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327656