https://www.taxtmi.com/caselaws?id=6643 Receipts from commission or rebate on petrol and diesel purchases, and from sale proceeds of tyres, tubes and empty barrels, were treated as business income because they arose in the ordinary course of the transport business; the related mamool and wayside expenses were allowed as business deductions where the Tribunal found they were incurred for business purposes. Interest on borrowings was not disallowed because no positive material showed diversion of borrowed funds to directors or connected concerns; in the absence of proof of non-business use, the full interest deduction was upheld. en-us Fri, 21 Jan 1966 00:00:00 +0530 Sat, 31 Jan 2009 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6643 Receipts from commission or rebate on petrol and diesel purchases, and from sale proceeds of tyres, tubes and empty barrels, were treated as business income because they arose in the ordinary course of the transport business; the related mamool and wayside expenses were allowed as business deductions where the Tribunal found they were incurred for business purposes. Interest on borrowings was not disallowed because no positive material showed diversion of borrowed funds to directors or connected concerns; in the absence of proof of non-business use, the full interest deduction was upheld. Case-Laws Income Tax Fri, 21 Jan 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6643