https://www.taxtmi.com/caselaws?id=16188 The High Court of BOMBAY interpreted Section 80V of the Income-tax Act, 1961, ruling that deductions for interest on borrowed money for tax payments were only applicable to borrowings made after April 1, 1976, with a direct nexus to tax obligations. The court emphasized the need for a specific connection between borrowed funds and tax liabilities to qualify for the deduction. Citing legal principles and precedent, the court denied the assessee's claim for deductions under Section 80V, favoring the Revenue. The judgment concluded without costs, upholding the strict interpretation and application of the law in determining eligibility for tax deductions. en-us Mon, 05 Apr 1999 00:00:00 +0530 Tue, 01 Sep 2009 16:34:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16188 The High Court of BOMBAY interpreted Section 80V of the Income-tax Act, 1961, ruling that deductions for interest on borrowed money for tax payments were only applicable to borrowings made after April 1, 1976, with a direct nexus to tax obligations. The court emphasized the need for a specific connection between borrowed funds and tax liabilities to qualify for the deduction. Citing legal principles and precedent, the court denied the assessee's claim for deductions under Section 80V, favoring the Revenue. The judgment concluded without costs, upholding the strict interpretation and application of the law in determining eligibility for tax deductions. Case-Laws Income Tax Mon, 05 Apr 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16188