https://www.taxtmi.com/caselaws?id=16370 The High Court of Bombay held that interest paid on borrowed monies through public deposits is allowable as a deduction in computing income from business, and section 40A(8) is applicable to such expenditure. The court emphasized that interest deduction under section 80V is only available if money is borrowed specifically for paying taxes. Additionally, the court ruled that the liability for the payment of surtax is not an admissible deduction in the computation of income under the Income-tax Act, 1961, following a precedent favoring the Revenue. en-us Tue, 24 Nov 1998 00:00:00 +0530 Mon, 07 Sep 2009 13:04:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16370 The High Court of Bombay held that interest paid on borrowed monies through public deposits is allowable as a deduction in computing income from business, and section 40A(8) is applicable to such expenditure. The court emphasized that interest deduction under section 80V is only available if money is borrowed specifically for paying taxes. Additionally, the court ruled that the liability for the payment of surtax is not an admissible deduction in the computation of income under the Income-tax Act, 1961, following a precedent favoring the Revenue. Case-Laws Income Tax Tue, 24 Nov 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16370