https://www.taxtmi.com/caselaws?id=5230 The Supreme Court affirmed the High Court's decision to disallow the deduction claimed by the assessee for interest paid on loans under section 57(iii) of the Income-tax Act. The courts emphasized that the loans were not intended for earning income but were used for personal obligations, such as annuity deposits and tax payments. It was reiterated that expenditures must be wholly and exclusively for income generation to qualify for deductions. The appeal was dismissed, emphasizing the necessity of a direct link between expenditure and income to claim deductions under the Income-tax Act. en-us Wed, 22 Apr 1987 00:00:00 +0530 Fri, 21 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5230 The Supreme Court affirmed the High Court's decision to disallow the deduction claimed by the assessee for interest paid on loans under section 57(iii) of the Income-tax Act. The courts emphasized that the loans were not intended for earning income but were used for personal obligations, such as annuity deposits and tax payments. It was reiterated that expenditures must be wholly and exclusively for income generation to qualify for deductions. The appeal was dismissed, emphasizing the necessity of a direct link between expenditure and income to claim deductions under the Income-tax Act. Case-Laws Income Tax Wed, 22 Apr 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5230