https://www.taxtmi.com/caselaws?id=13804 The High Court of CALCUTTA ruled in favor of the Revenue, holding that interest on loans with unexplained sources should not be allowed as a deduction. The court emphasized the importance of proper assessment and disallowing deductions on questionable transactions, even if errors occurred in the initial assessment process. The decision overturned the lower authorities' allowance of interest deductions on dubious cash credits, stating that lack of explanation for loan sources did not justify interest deductions. en-us Thu, 19 Jul 2001 00:00:00 +0530 Thu, 02 Jul 2009 18:54:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13804 The High Court of CALCUTTA ruled in favor of the Revenue, holding that interest on loans with unexplained sources should not be allowed as a deduction. The court emphasized the importance of proper assessment and disallowing deductions on questionable transactions, even if errors occurred in the initial assessment process. The decision overturned the lower authorities' allowance of interest deductions on dubious cash credits, stating that lack of explanation for loan sources did not justify interest deductions. Case-Laws Income Tax Thu, 19 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13804