https://www.taxtmi.com/caselaws?id=16811 The Tribunal allowed the deduction of interest on a loan from Grindlays Bank for the assessee's coal mines business, based on evidence of continued activities and common management with boring business. The Tribunal held that interest on loans for business purposes should be deductible, even if a specific business line was closed, citing relevant Supreme Court precedents. The decision favored the assessee, rejecting the Revenue's challenge on both issues related to the interest on the loan from Grindlays Bank. en-us Wed, 25 Mar 1998 00:00:00 +0530 Sat, 12 Sep 2009 13:18:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16811 The Tribunal allowed the deduction of interest on a loan from Grindlays Bank for the assessee's coal mines business, based on evidence of continued activities and common management with boring business. The Tribunal held that interest on loans for business purposes should be deductible, even if a specific business line was closed, citing relevant Supreme Court precedents. The decision favored the assessee, rejecting the Revenue's challenge on both issues related to the interest on the loan from Grindlays Bank. Case-Laws Income Tax Wed, 25 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16811