https://www.taxtmi.com/caselaws?id=17127 The High Court held that the Tribunal erred in allowing the deduction of interest under section 24(1)(vi) of the Income-tax Act, 1961. It was determined that the liability to pay interest to outgoing partners did not constitute borrowed capital, as there was no specific borrowing to acquire the property. The Court concluded that there was no borrower-lender relationship established, and thus, the interest paid was not eligible for deduction under the mentioned provision. The decision favored the Revenue and went against the assessee. en-us Wed, 14 May 1997 00:00:00 +0530 Tue, 15 Sep 2009 13:20:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17127 The High Court held that the Tribunal erred in allowing the deduction of interest under section 24(1)(vi) of the Income-tax Act, 1961. It was determined that the liability to pay interest to outgoing partners did not constitute borrowed capital, as there was no specific borrowing to acquire the property. The Court concluded that there was no borrower-lender relationship established, and thus, the interest paid was not eligible for deduction under the mentioned provision. The decision favored the Revenue and went against the assessee. Case-Laws Income Tax Wed, 14 May 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17127