https://www.taxtmi.com/caselaws?id=15708 The High Court upheld the Tribunal's decision regarding the deduction for finance charges under section 36(1)(iii) of the Income-tax Act, 1961. The Court emphasized that the trust was entitled to interest on the outstanding amount, despite past disallowances. The company's modification of the agreement to limit finance charges to 15% of the outstanding loan amount was deemed valid, leading to a favorable outcome for the assessee. en-us Tue, 13 Jul 1999 00:00:00 +0530 Thu, 27 Aug 2009 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15708 The High Court upheld the Tribunal's decision regarding the deduction for finance charges under section 36(1)(iii) of the Income-tax Act, 1961. The Court emphasized that the trust was entitled to interest on the outstanding amount, despite past disallowances. The company's modification of the agreement to limit finance charges to 15% of the outstanding loan amount was deemed valid, leading to a favorable outcome for the assessee. Case-Laws Income Tax Tue, 13 Jul 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15708