https://www.taxtmi.com/caselaws?id=14231 The High Court ruled against the assessee, disallowing deductions under section 57(iii) for interest payments on loans taken to discharge wealth-tax and income-tax liabilities. The Court held that the borrowals were for personal liabilities and not for earning income, emphasizing the requirement that expenses be wholly and exclusively for earning income under section 57(iii). The decision was reinforced by section 58(1)(a), which disallows personal expenses as deductions. en-us Mon, 19 Feb 2001 00:00:00 +0530 Tue, 14 Jul 2009 15:55:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14231 The High Court ruled against the assessee, disallowing deductions under section 57(iii) for interest payments on loans taken to discharge wealth-tax and income-tax liabilities. The Court held that the borrowals were for personal liabilities and not for earning income, emphasizing the requirement that expenses be wholly and exclusively for earning income under section 57(iii). The decision was reinforced by section 58(1)(a), which disallows personal expenses as deductions. Case-Laws Income Tax Mon, 19 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14231