https://www.taxtmi.com/caselaws?id=16153 The court held that the disallowance of expenditure under section 40A(8) should be limited to expenditure incurred after April 1, 1976. It rejected the argument that only net interest should be considered, ruling that the entire interest expenditure falls within the scope of the provision. The court agreed with the Revenue that the amendment was intended for the assessment year 1976-77, and income from the previous year ending on April 30, 1975, had to be considered, regardless of the timing of the expenditure. The judgments in both cases favored the Revenue, emphasizing statutory language and legislative intent. en-us Tue, 16 Sep 1997 00:00:00 +0530 Tue, 01 Sep 2009 13:54:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16153 The court held that the disallowance of expenditure under section 40A(8) should be limited to expenditure incurred after April 1, 1976. It rejected the argument that only net interest should be considered, ruling that the entire interest expenditure falls within the scope of the provision. The court agreed with the Revenue that the amendment was intended for the assessment year 1976-77, and income from the previous year ending on April 30, 1975, had to be considered, regardless of the timing of the expenditure. The judgments in both cases favored the Revenue, emphasizing statutory language and legislative intent. Case-Laws Income Tax Tue, 16 Sep 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16153