https://www.taxtmi.com/caselaws?id=9597 The court ruled against the assessee, denying the deduction claim for interest paid on personal expenses, as it was not considered incurred to earn profits in the business of the firms. The court emphasized that interest paid on borrowed money for personal expenditure is not allowable as a deduction for computing taxable income under the Income-tax Act, referencing various legal precedents and statutory provisions in its decision. en-us Tue, 09 Aug 2005 00:00:00 +0530 Sat, 27 Jun 2009 19:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9597 The court ruled against the assessee, denying the deduction claim for interest paid on personal expenses, as it was not considered incurred to earn profits in the business of the firms. The court emphasized that interest paid on borrowed money for personal expenditure is not allowable as a deduction for computing taxable income under the Income-tax Act, referencing various legal precedents and statutory provisions in its decision. Case-Laws Income Tax Tue, 09 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9597