https://www.taxtmi.com/caselaws?id=5747 The Supreme Court overturned the Gujarat High Court's decision and ruled in favor of the Revenue. The Court held that interest payments made by the assessee to a bank on an overdraft account were not deductible from dividend income for income tax computation. The Court emphasized that the interest payments were not part of the assessee's real income as they were for meeting the claims of the secured creditor, and therefore, should not be deducted before computing the chargeable income. The appeals were allowed in favor of the Revenue, with no order as to costs. en-us Wed, 30 Apr 1997 00:00:00 +0530 Thu, 27 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5747 The Supreme Court overturned the Gujarat High Court's decision and ruled in favor of the Revenue. The Court held that interest payments made by the assessee to a bank on an overdraft account were not deductible from dividend income for income tax computation. The Court emphasized that the interest payments were not part of the assessee's real income as they were for meeting the claims of the secured creditor, and therefore, should not be deducted before computing the chargeable income. The appeals were allowed in favor of the Revenue, with no order as to costs. Case-Laws Income Tax Wed, 30 Apr 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5747