https://www.taxtmi.com/caselaws?id=14068 The court ruled against the assessee in favor of the Revenue regarding the disallowance of interest diverted to an associated company but upheld the provision for gratuity deduction. The interest disallowed for diversion to the associated company was found not utilized for business purposes, disentitling the assessee from deducting the interest paid on the borrowing. However, the Tribunal's decision to allow the provision made for gratuity deduction was upheld, in line with relevant legal provisions. The court's decision favored the assessee on the gratuity deduction issue, with each party bearing their respective costs. en-us Tue, 03 Mar 1998 00:00:00 +0530 Mon, 13 Jul 2009 13:18:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14068 The court ruled against the assessee in favor of the Revenue regarding the disallowance of interest diverted to an associated company but upheld the provision for gratuity deduction. The interest disallowed for diversion to the associated company was found not utilized for business purposes, disentitling the assessee from deducting the interest paid on the borrowing. However, the Tribunal's decision to allow the provision made for gratuity deduction was upheld, in line with relevant legal provisions. The court's decision favored the assessee on the gratuity deduction issue, with each party bearing their respective costs. Case-Laws Income Tax Tue, 03 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14068