https://www.taxtmi.com/caselaws?id=10537 The court upheld the reassessment under section 148 of the Income-tax Act, 1961, based on valid grounds, rejecting the contention of the applicant. It also confirmed the addition of Rs. 10,417 under section 143(3)/148, ruling that the interest paid on the seed loan was not deductible for earning interest income. The court held that the interest payable to the U.P. Government on the seed loan could not be deducted from the interest earned from investments of the same loan. The decisions were in favor of the Revenue, with no costs awarded to either party. en-us Tue, 12 Oct 2004 00:00:00 +0530 Fri, 17 Jul 2009 12:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10537 The court upheld the reassessment under section 148 of the Income-tax Act, 1961, based on valid grounds, rejecting the contention of the applicant. It also confirmed the addition of Rs. 10,417 under section 143(3)/148, ruling that the interest paid on the seed loan was not deductible for earning interest income. The court held that the interest payable to the U.P. Government on the seed loan could not be deducted from the interest earned from investments of the same loan. The decisions were in favor of the Revenue, with no costs awarded to either party. Case-Laws Income Tax Tue, 12 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10537