https://www.taxtmi.com/caselaws?id=7649 The court held that the assessee's waiver of interest payable by a third party was not a valid deduction for tax purposes. The court found that the waiver lacked commercial expediency and a lawful basis, as it was based on a self-serving resolution without legitimate grounds. The interest income was deemed to be from "other sources" and could not be treated as a trade debt. The court emphasized that the waiver did not serve the business activity of the assessee and ruled in favor of the department, denying the deduction claimed by the assessee. en-us Fri, 21 Mar 1969 00:00:00 +0530 Tue, 17 Mar 2009 09:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7649 The court held that the assessee's waiver of interest payable by a third party was not a valid deduction for tax purposes. The court found that the waiver lacked commercial expediency and a lawful basis, as it was based on a self-serving resolution without legitimate grounds. The interest income was deemed to be from "other sources" and could not be treated as a trade debt. The court emphasized that the waiver did not serve the business activity of the assessee and ruled in favor of the department, denying the deduction claimed by the assessee. Case-Laws Income Tax Fri, 21 Mar 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7649