https://www.taxtmi.com/caselaws?id=20876 The High Court upheld the Tribunal's decisions in favor of the assessee. The disallowance of interest paid on borrowed money was rejected, emphasizing that the nature of income from loans should not affect the liability to pay interest. The interrelation of interest payable and receivable was deemed non-existent, justifying the exclusion of interest payable. The nature of income from advances made did not impact the liability to pay interest to creditors. Additionally, the Tribunal's decision to carry forward and set off a business loss against income for the subsequent year was upheld. en-us Fri, 25 Sep 1992 00:00:00 +0530 Tue, 17 Nov 2009 17:21:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20876 The High Court upheld the Tribunal's decisions in favor of the assessee. The disallowance of interest paid on borrowed money was rejected, emphasizing that the nature of income from loans should not affect the liability to pay interest. The interrelation of interest payable and receivable was deemed non-existent, justifying the exclusion of interest payable. The nature of income from advances made did not impact the liability to pay interest to creditors. Additionally, the Tribunal's decision to carry forward and set off a business loss against income for the subsequent year was upheld. Case-Laws Income Tax Fri, 25 Sep 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20876