https://www.taxtmi.com/caselaws?id=21452 The High Court of Rajasthan ruled in favor of the assessee, holding that interest paid during the relevant assessment years on borrowings from previous years for tax payments is eligible for deduction under section 80V of the Income-tax Act, 1961. The court emphasized that as long as the borrowed money is used for tax payment and interest is paid, it should be allowed as a deduction, even if the borrowing was from previous years. The decision was against the Revenue, clarifying that outstanding borrowed capital for tax payments can be considered for deduction under section 80V. en-us Wed, 11 Mar 1992 00:00:00 +0530 Tue, 24 Nov 2009 15:28:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21452 The High Court of Rajasthan ruled in favor of the assessee, holding that interest paid during the relevant assessment years on borrowings from previous years for tax payments is eligible for deduction under section 80V of the Income-tax Act, 1961. The court emphasized that as long as the borrowed money is used for tax payment and interest is paid, it should be allowed as a deduction, even if the borrowing was from previous years. The decision was against the Revenue, clarifying that outstanding borrowed capital for tax payments can be considered for deduction under section 80V. Case-Laws Income Tax Wed, 11 Mar 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21452