https://www.taxtmi.com/caselaws?id=19690 The High Court upheld the Tribunal's decision to bifurcate interest payments between business income and dividend income for the assessment years 1974-75 and 1975-76. The Court ruled that the entire interest payment could not be allowed as business expenditure since it was not all paid for business purposes. Additionally, the Court agreed with the Tribunal that only the gross amount of interest should be considered for allocation purposes, not the net amount. The Court answered both questions in favor of the Revenue, and the reference was disposed of with no costs awarded. en-us Fri, 10 Dec 1993 00:00:00 +0530 Mon, 09 Nov 2009 10:24:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19690 The High Court upheld the Tribunal's decision to bifurcate interest payments between business income and dividend income for the assessment years 1974-75 and 1975-76. The Court ruled that the entire interest payment could not be allowed as business expenditure since it was not all paid for business purposes. Additionally, the Court agreed with the Tribunal that only the gross amount of interest should be considered for allocation purposes, not the net amount. The Court answered both questions in favor of the Revenue, and the reference was disposed of with no costs awarded. Case-Laws Income Tax Fri, 10 Dec 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19690