https://www.taxtmi.com/caselaws?id=15859 The court ruled in favor of the assessee, holding that section 40A(8) of the Income-tax Act did not apply as there was no interest liability incurred on a deposit as defined in the Act. The Tribunal's decision to allow the appeal was upheld, stating that the payment made was not interest on any deposit received or money borrowed, but rather on the mode of payment for assets received through amalgamation. The court found the disallowance under section 40A(8) as legally unsustainable. en-us Mon, 16 Nov 1998 00:00:00 +0530 Sat, 29 Aug 2009 15:46:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15859 The court ruled in favor of the assessee, holding that section 40A(8) of the Income-tax Act did not apply as there was no interest liability incurred on a deposit as defined in the Act. The Tribunal's decision to allow the appeal was upheld, stating that the payment made was not interest on any deposit received or money borrowed, but rather on the mode of payment for assets received through amalgamation. The court found the disallowance under section 40A(8) as legally unsustainable. Case-Laws Income Tax Mon, 16 Nov 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15859