https://www.taxtmi.com/caselaws?id=189757 The court allowed the interest deduction for the association of persons (AOP) under section 10(2)(iii) of the Indian Income-tax Act, 1922, holding that the interest paid to a member was a legitimate business expense. Regarding the restoration of the dismissed appeal under rule 24, the court found that while there was no power to restore appeals dismissed under this rule, the dismissal itself was deemed incompetent and could be rectified under section 35. The court also deemed rule 24 as ultra vires based on precedents, directing the parties to bear their own costs. en-us Wed, 02 Mar 1966 00:00:00 +0530 Thu, 19 Jan 2017 16:42:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189757 The court allowed the interest deduction for the association of persons (AOP) under section 10(2)(iii) of the Indian Income-tax Act, 1922, holding that the interest paid to a member was a legitimate business expense. Regarding the restoration of the dismissed appeal under rule 24, the court found that while there was no power to restore appeals dismissed under this rule, the dismissal itself was deemed incompetent and could be rectified under section 35. The court also deemed rule 24 as ultra vires based on precedents, directing the parties to bear their own costs. Case-Laws Income Tax Wed, 02 Mar 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189757