https://www.taxtmi.com/caselaws?id=15493 The High Court upheld the Tribunal's decision, determining that only net interest should be considered for disallowance under section 40(b) of the Income-tax Act. The Court referred to a Supreme Court precedent establishing this principle, resolving the interpretation issue in favor of the assessee. As a result, the Court deemed the second question academic and returned it unanswered, as the disallowance amount had already been set by the Tribunal. The judgment emphasized the significance of calculating net interest for disallowance purposes under section 40(b). en-us Thu, 29 Jan 1998 00:00:00 +0530 Tue, 25 Aug 2009 15:25:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15493 The High Court upheld the Tribunal's decision, determining that only net interest should be considered for disallowance under section 40(b) of the Income-tax Act. The Court referred to a Supreme Court precedent establishing this principle, resolving the interpretation issue in favor of the assessee. As a result, the Court deemed the second question academic and returned it unanswered, as the disallowance amount had already been set by the Tribunal. The judgment emphasized the significance of calculating net interest for disallowance purposes under section 40(b). Case-Laws Income Tax Thu, 29 Jan 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15493