https://www.taxtmi.com/caselaws?id=17907 The High Court of MADRAS ruled against the private limited company regarding the disallowance of interest payment on borrowed funds for the assessment year 1976-77 under section 256(1) of the Income-tax Act, 1961. The court held that the borrowed funds were utilized for non-business purposes, aligning with a prior case law precedent, resulting in the disallowance of the interest claimed by the company. en-us Mon, 22 Jan 1996 00:00:00 +0530 Fri, 25 Sep 2009 15:29:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17907 The High Court of MADRAS ruled against the private limited company regarding the disallowance of interest payment on borrowed funds for the assessment year 1976-77 under section 256(1) of the Income-tax Act, 1961. The court held that the borrowed funds were utilized for non-business purposes, aligning with a prior case law precedent, resulting in the disallowance of the interest claimed by the company. Case-Laws Income Tax Mon, 22 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17907