https://www.taxtmi.com/caselaws?id=15427 The court held that the interest paid by the assessee to two firms could not be considered as business expenditure under Section 37 of the Income Tax Act. The court found that the debited amount was used to settle personal obligations from a HUF partition, not for business activities, lacking a nexus with the business. Therefore, the interest paid did not qualify for deduction, ruling in favor of the Revenue and against the assessee. The reference was disposed of with no order as to costs. en-us Fri, 05 Feb 1999 00:00:00 +0530 Thu, 06 Aug 2009 14:12:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15427 The court held that the interest paid by the assessee to two firms could not be considered as business expenditure under Section 37 of the Income Tax Act. The court found that the debited amount was used to settle personal obligations from a HUF partition, not for business activities, lacking a nexus with the business. Therefore, the interest paid did not qualify for deduction, ruling in favor of the Revenue and against the assessee. The reference was disposed of with no order as to costs. Case-Laws Income Tax Fri, 05 Feb 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15427