https://www.taxtmi.com/caselaws?id=12609 The High Court of Kerala ruled that the interest payment by the assessee to the vendor was not eligible for deduction as business expenditure under section 37(1) of the Income-tax Act, 1961, as the assessee was not engaged in real estate business and did not acquire significant land title. The court disallowed the deduction, siding with the Revenue. Additionally, the court affirmed the Tribunal's authority to rectify orders under section 256(1) for the purpose of ensuring justice, based on a prior judgment. en-us Tue, 13 Nov 2001 00:00:00 +0530 Wed, 20 May 2009 15:29:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12609 The High Court of Kerala ruled that the interest payment by the assessee to the vendor was not eligible for deduction as business expenditure under section 37(1) of the Income-tax Act, 1961, as the assessee was not engaged in real estate business and did not acquire significant land title. The court disallowed the deduction, siding with the Revenue. Additionally, the court affirmed the Tribunal's authority to rectify orders under section 256(1) for the purpose of ensuring justice, based on a prior judgment. Case-Laws Income Tax Tue, 13 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12609