https://www.taxtmi.com/caselaws?id=15385 The court ruled against the assessee, upholding the Tribunal's decision that interest paid to individuals was not deductible under section 80V of the Income-tax Act, 1961. The court emphasized that section 80V allows deductions only for interest on loans directly taken to pay tax and cannot be extended to subsequent loans used to repay the initial tax-related loan. The court cited precedent and highlighted the importance of interpreting statutory language clearly and unambiguously. The decision favored the Revenue, affirming that the Tribunal's interpretation was correct. en-us Thu, 18 Jun 1998 00:00:00 +0530 Thu, 06 Aug 2009 12:03:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15385 The court ruled against the assessee, upholding the Tribunal's decision that interest paid to individuals was not deductible under section 80V of the Income-tax Act, 1961. The court emphasized that section 80V allows deductions only for interest on loans directly taken to pay tax and cannot be extended to subsequent loans used to repay the initial tax-related loan. The court cited precedent and highlighted the importance of interpreting statutory language clearly and unambiguously. The decision favored the Revenue, affirming that the Tribunal's interpretation was correct. Case-Laws Income Tax Thu, 18 Jun 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15385