https://www.taxtmi.com/caselaws?id=15008 Interest paid by an association of persons to members who advanced funds for its business was treated as a deductible business expenditure under the governing law, on the basis that the member acted as a creditor and the payment formed part of business profit computation. No statutory prohibition was shown for the relevant assessment year, and the restriction in section 40(ba) applied only from 1 April 1989. On that footing, no referable question of law arose from the Tribunal's order, and the reference application was not maintainable. en-us Tue, 14 Dec 1999 00:00:00 +0530 Mon, 27 Jul 2009 15:54:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15008 Interest paid by an association of persons to members who advanced funds for its business was treated as a deductible business expenditure under the governing law, on the basis that the member acted as a creditor and the payment formed part of business profit computation. No statutory prohibition was shown for the relevant assessment year, and the restriction in section 40(ba) applied only from 1 April 1989. On that footing, no referable question of law arose from the Tribunal's order, and the reference application was not maintainable. Case-Laws Income Tax Tue, 14 Dec 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15008