https://www.taxtmi.com/caselaws?id=12040 The Court upheld the Tribunal's decision, ruling that the interest claimed by the applicant was not allowable as a deductible expenditure under section 57(iii) of the Income-tax Act, 1961. The Court found that the borrowing was not solely for the purpose of making or earning income, as required by the Act, and that the source of income had been transferred, rendering the purpose of borrowing futile. The judgment favored the Revenue, denying the applicant's claim for interest deduction and concluding that no costs were to be awarded. en-us Tue, 11 Dec 2001 00:00:00 +0530 Tue, 16 Feb 2010 12:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12040 The Court upheld the Tribunal's decision, ruling that the interest claimed by the applicant was not allowable as a deductible expenditure under section 57(iii) of the Income-tax Act, 1961. The Court found that the borrowing was not solely for the purpose of making or earning income, as required by the Act, and that the source of income had been transferred, rendering the purpose of borrowing futile. The judgment favored the Revenue, denying the applicant's claim for interest deduction and concluding that no costs were to be awarded. Case-Laws Income Tax Tue, 11 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12040