https://www.taxtmi.com/caselaws?id=18192 The High Court allowed the petition, directing the Tribunal to refer questions of law arising from the case concerning the deduction of interest on an advance payment made by the assessee for the Court's opinion. The Court focused on the correctness of allowing the interest deduction and the validity of the Tribunal's findings on the business purpose of the advance payment. The Tribunal's decision to allow the interest deduction was based on the assessee's business purpose at the time of the advance, emphasizing the importance of establishing the business intent for financial transactions under the Income-tax Act, 1961. en-us Tue, 28 May 1996 00:00:00 +0530 Tue, 29 Sep 2009 13:51:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18192 The High Court allowed the petition, directing the Tribunal to refer questions of law arising from the case concerning the deduction of interest on an advance payment made by the assessee for the Court's opinion. The Court focused on the correctness of allowing the interest deduction and the validity of the Tribunal's findings on the business purpose of the advance payment. The Tribunal's decision to allow the interest deduction was based on the assessee's business purpose at the time of the advance, emphasizing the importance of establishing the business intent for financial transactions under the Income-tax Act, 1961. Case-Laws Income Tax Tue, 28 May 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18192