https://www.taxtmi.com/caselaws?id=5200 Interest on an overdraft used to fulfil a promised charitable donation was not deductible as business expenditure because the borrowing was for a personal charitable obligation, not for the purposes of business, and book entries did not alter that character. Interest credited to the engineering college account on the remaining amount was also not deductible because a completed gift or trust was not established: the amount had not been effectively transferred or accepted, and the assessee retained control over it. The text states that a mere promise or accounting treatment does not create an enforceable trust or completed donation without actual delivery and acceptance. en-us Tue, 17 Apr 1979 00:00:00 +0530 Tue, 17 Feb 2015 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5200 Interest on an overdraft used to fulfil a promised charitable donation was not deductible as business expenditure because the borrowing was for a personal charitable obligation, not for the purposes of business, and book entries did not alter that character. Interest credited to the engineering college account on the remaining amount was also not deductible because a completed gift or trust was not established: the amount had not been effectively transferred or accepted, and the assessee retained control over it. The text states that a mere promise or accounting treatment does not create an enforceable trust or completed donation without actual delivery and acceptance. Case-Laws Income Tax Tue, 17 Apr 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5200