https://www.taxtmi.com/caselaws?id=19027 The court upheld the decisions of the Tribunal on all three questions. The claim to deduct interest on usance bills drawn under the IDBI Scheme was rejected, ruling in favor of the Revenue. The court held that no appeal lies against the levy of interest under section 215 of the Income-tax Act, favoring the assessee. Additionally, interest on loans borrowed for advancing to a subsidiary company was deemed allowable under section 36(1)(iii) of the Income-tax Act, 1961, favoring the Revenue. No costs were awarded in this case. en-us Thu, 16 Sep 1993 00:00:00 +0530 Tue, 03 Nov 2009 14:56:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19027 The court upheld the decisions of the Tribunal on all three questions. The claim to deduct interest on usance bills drawn under the IDBI Scheme was rejected, ruling in favor of the Revenue. The court held that no appeal lies against the levy of interest under section 215 of the Income-tax Act, favoring the assessee. Additionally, interest on loans borrowed for advancing to a subsidiary company was deemed allowable under section 36(1)(iii) of the Income-tax Act, 1961, favoring the Revenue. No costs were awarded in this case. Case-Laws Income Tax Thu, 16 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19027