https://www.taxtmi.com/caselaws?id=10787 The High Court of ALLAHABAD ruled in favor of the Revenue, stating that the disallowance under section 40A(8) of the Income-tax Act, 1961 is not limited to interest paid to directors and their relatives but applies to all interest payments made by a company. The Court clarified that 15% of the interest amount should be disallowed in all instances where interest is paid, regardless of the recipient. en-us Thu, 03 Feb 2005 00:00:00 +0530 Sat, 25 Jul 2009 09:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10787 The High Court of ALLAHABAD ruled in favor of the Revenue, stating that the disallowance under section 40A(8) of the Income-tax Act, 1961 is not limited to interest paid to directors and their relatives but applies to all interest payments made by a company. The Court clarified that 15% of the interest amount should be disallowed in all instances where interest is paid, regardless of the recipient. Case-Laws Income Tax Thu, 03 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10787