https://www.taxtmi.com/caselaws?id=12244 The court allowed the application to bring the legal representatives of the deceased assessee on record. The disallowance of interest payable to the Income-tax Department was upheld as not wholly and exclusively for the purpose of business. The claim of interest as business expenditure was denied based on precedent. The Tribunal justified the disallowance due to lack of evidence of business purpose. Alternative questions proposed by the assessee were not considered, and the decision favored the Revenue. The reference was disposed of, maintaining the disallowance of interest payable to the Income-tax Department. en-us Thu, 01 Aug 2002 00:00:00 +0530 Sat, 20 Feb 2010 12:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12244 The court allowed the application to bring the legal representatives of the deceased assessee on record. The disallowance of interest payable to the Income-tax Department was upheld as not wholly and exclusively for the purpose of business. The claim of interest as business expenditure was denied based on precedent. The Tribunal justified the disallowance due to lack of evidence of business purpose. Alternative questions proposed by the assessee were not considered, and the decision favored the Revenue. The reference was disposed of, maintaining the disallowance of interest payable to the Income-tax Department. Case-Laws Income Tax Thu, 01 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12244