https://www.taxtmi.com/caselaws?id=10215 The High Court ruled against the assessee, holding that interest paid on deposits received by a company from its directors and shareholders falls within the scope of section 40A(8) of the Income-tax Act. The Court emphasized the broad language of the provision, stating it covers all deposits without distinction of the source. Previous decisions were cited to support this interpretation, leading to a judgment favoring the Revenue's position that such interest payments are subject to disallowance under section 40A(8). en-us Thu, 05 Aug 2004 00:00:00 +0530 Fri, 10 Jul 2009 12:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10215 The High Court ruled against the assessee, holding that interest paid on deposits received by a company from its directors and shareholders falls within the scope of section 40A(8) of the Income-tax Act. The Court emphasized the broad language of the provision, stating it covers all deposits without distinction of the source. Previous decisions were cited to support this interpretation, leading to a judgment favoring the Revenue's position that such interest payments are subject to disallowance under section 40A(8). Case-Laws Income Tax Thu, 05 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10215