https://www.taxtmi.com/caselaws?id=16666 The court ruled against the assessee, stating that the interest paid on borrowed money for repayment of interest-free loans taken earlier for income tax payment was not eligible for deduction under section 80V of the Income-tax Act. The court clarified that section 80V only allows deduction for interest paid on money borrowed for the payment of tax due under the Act, excluding interest on loans taken for repaying earlier interest-free loans. The judgment favored the Revenue, answering the referred question in the negative, and the reference was disposed of with no order as to costs. en-us Thu, 02 Jul 1998 00:00:00 +0530 Wed, 09 Sep 2009 12:35:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16666 The court ruled against the assessee, stating that the interest paid on borrowed money for repayment of interest-free loans taken earlier for income tax payment was not eligible for deduction under section 80V of the Income-tax Act. The court clarified that section 80V only allows deduction for interest paid on money borrowed for the payment of tax due under the Act, excluding interest on loans taken for repaying earlier interest-free loans. The judgment favored the Revenue, answering the referred question in the negative, and the reference was disposed of with no order as to costs. Case-Laws Income Tax Thu, 02 Jul 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16666