https://www.taxtmi.com/caselaws?id=16190 The High Court clarified that only interest on the amount spent on land used for raising tobacco is deductible under section 37 of the Income-tax Act, limiting the deduction to the specific purpose of raising tobacco. The court emphasized the importance of proper allocation and adherence to specific provisions. The court advised the Income-tax Officer to determine if the amount spent on lands for raising tobacco can be deducted under section 35C, highlighting that the same amount cannot be deducted simultaneously under both sections 37 and 35C. This decision provides guidance on interpreting and applying provisions for deductions on interest payments for agricultural and industrial purposes. en-us Thu, 20 Aug 1998 00:00:00 +0530 Tue, 01 Sep 2009 16:39:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16190 The High Court clarified that only interest on the amount spent on land used for raising tobacco is deductible under section 37 of the Income-tax Act, limiting the deduction to the specific purpose of raising tobacco. The court emphasized the importance of proper allocation and adherence to specific provisions. The court advised the Income-tax Officer to determine if the amount spent on lands for raising tobacco can be deducted under section 35C, highlighting that the same amount cannot be deducted simultaneously under both sections 37 and 35C. This decision provides guidance on interpreting and applying provisions for deductions on interest payments for agricultural and industrial purposes. Case-Laws Income Tax Thu, 20 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16190