https://www.taxtmi.com/caselaws?id=15946 Interest on borrowings was held deductible under the residuary expenditure provision where the claim did not satisfy the specific interest deduction provision. The limitation clause tied to agricultural income was construed as referring only to a positive agricultural income figure, not to a loss or minus figure. On the facts, the Revenue accepted that the full claim could fall under the residuary provision, so the assessee was not denied relief merely because the Tribunal had proceeded on the specific-provision route. The deduction was therefore allowed and the orders below were set aside. en-us Tue, 01 Aug 1995 00:00:00 +0530 Mon, 31 Aug 2009 11:16:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15946 Interest on borrowings was held deductible under the residuary expenditure provision where the claim did not satisfy the specific interest deduction provision. The limitation clause tied to agricultural income was construed as referring only to a positive agricultural income figure, not to a loss or minus figure. On the facts, the Revenue accepted that the full claim could fall under the residuary provision, so the assessee was not denied relief merely because the Tribunal had proceeded on the specific-provision route. The deduction was therefore allowed and the orders below were set aside. Case-Laws Income Tax Tue, 01 Aug 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15946