https://www.taxtmi.com/caselaws?id=21509 The High Court of Andhra Pradesh ruled in favor of the Revenue, holding that the interest income earned by the assessee could not be set off against the interest paid to the Andhra Pradesh Industrial Development Corporation Limited. The court agreed with the Tribunal's decision, emphasizing the lack of connection between the two amounts and stating that the Income-tax Act did not support such set-off. The court concluded that the interest income from shareholder contributions and the interest paid for the plant loan were distinct and could not be offset against each other as per section 57(iii) of the Income-tax Act, 1961. en-us Wed, 19 Nov 1986 00:00:00 +0530 Wed, 25 Nov 2009 10:47:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21509 The High Court of Andhra Pradesh ruled in favor of the Revenue, holding that the interest income earned by the assessee could not be set off against the interest paid to the Andhra Pradesh Industrial Development Corporation Limited. The court agreed with the Tribunal's decision, emphasizing the lack of connection between the two amounts and stating that the Income-tax Act did not support such set-off. The court concluded that the interest income from shareholder contributions and the interest paid for the plant loan were distinct and could not be offset against each other as per section 57(iii) of the Income-tax Act, 1961. Case-Laws Income Tax Wed, 19 Nov 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21509