https://www.taxtmi.com/caselaws?id=10700 The court upheld the assessee's claim for deduction of interest for the calendar year 1983, emphasizing the validity and necessity of the interest payment despite continuous losses. The Tribunal ruled out tax planning motives and allowed the deduction based on factual evidence, rejecting the Revenue's contentions. The court affirmed the Tribunal's decision, allowing the interest payment and disposing of the case in favor of the assessee without costs. en-us Fri, 05 Jul 2002 00:00:00 +0530 Tue, 21 Jul 2009 17:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10700 The court upheld the assessee's claim for deduction of interest for the calendar year 1983, emphasizing the validity and necessity of the interest payment despite continuous losses. The Tribunal ruled out tax planning motives and allowed the deduction based on factual evidence, rejecting the Revenue's contentions. The court affirmed the Tribunal's decision, allowing the interest payment and disposing of the case in favor of the assessee without costs. Case-Laws Income Tax Fri, 05 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10700