https://www.taxtmi.com/caselaws?id=17968 The court upheld the disallowance of 15% of interest on deposits received from directors and shareholders by a private limited company under section 40A(8) of the Income-tax Act. The court rejected the argument that loans from directors and shareholders should be exempted based on the Companies Act provisions, emphasizing the distinct provisions of the Companies Act and the Income-tax Act. The court ruled in favor of the Revenue, affirming the disallowance of interest paid to directors and shareholders. en-us Wed, 12 Feb 1997 00:00:00 +0530 Fri, 25 Sep 2009 18:24:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17968 The court upheld the disallowance of 15% of interest on deposits received from directors and shareholders by a private limited company under section 40A(8) of the Income-tax Act. The court rejected the argument that loans from directors and shareholders should be exempted based on the Companies Act provisions, emphasizing the distinct provisions of the Companies Act and the Income-tax Act. The court ruled in favor of the Revenue, affirming the disallowance of interest paid to directors and shareholders. Case-Laws Income Tax Wed, 12 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17968