https://www.taxtmi.com/caselaws?id=371563 The High Court upheld the Tribunal's decision to delete additions to interest income, disallowing claimed interest payments as the assessees were not in a finance business. Partners' withdrawals were not considered business loans, leading to disallowance of interest expenditure under Section 37. The Court ruled in favor of the Revenue on this issue, upholding disallowance of interest paid to depositors. en-us Mon, 24 Sep 2018 00:00:00 +0530 Thu, 06 Dec 2018 05:35:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371563 The High Court upheld the Tribunal's decision to delete additions to interest income, disallowing claimed interest payments as the assessees were not in a finance business. Partners' withdrawals were not considered business loans, leading to disallowance of interest expenditure under Section 37. The Court ruled in favor of the Revenue on this issue, upholding disallowance of interest paid to depositors. Case-Laws Income Tax Mon, 24 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371563