https://www.taxtmi.com/caselaws?id=191980 Interest paid on unpaid Malayan estate duty was treated as a capital charge, not as borrowing cost or business expenditure, so it was not deductible. Amounts paid to discharge revived debts under the Debtor and Creditor Ordinance retained the character of the original obligations: the principal element realised from debtors was not assessable as business profit, while the corresponding payment was deductible according to its nature. Tin mine leases taken over as substituted stock-in-trade had to be written off proportionately in the year each mine ceased working, not in full in a later year. Interest paid to three partners was deductible only to the extent supported by the prevailing market rate; the excess was disallowed. en-us Wed, 01 May 1963 00:00:00 +0530 Sat, 06 May 2017 16:50:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191980 Interest paid on unpaid Malayan estate duty was treated as a capital charge, not as borrowing cost or business expenditure, so it was not deductible. Amounts paid to discharge revived debts under the Debtor and Creditor Ordinance retained the character of the original obligations: the principal element realised from debtors was not assessable as business profit, while the corresponding payment was deductible according to its nature. Tin mine leases taken over as substituted stock-in-trade had to be written off proportionately in the year each mine ceased working, not in full in a later year. Interest paid to three partners was deductible only to the extent supported by the prevailing market rate; the excess was disallowed. Case-Laws Income Tax Wed, 01 May 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191980