https://www.taxtmi.com/caselaws?id=21576 The High Court ruled against the taxpayer and in favor of the Revenue, affirming the disallowance of the deduction for interest paid on advances to directors. The Court held that the non-charging of interest on the debit balance of directors did not constitute a perquisite, and providing interest-free advances to directors was considered a benefit, resulting in expenditure that should reduce the deduction of interest paid on borrowings. The judgment concluded with no costs awarded. en-us Fri, 07 Feb 1992 00:00:00 +0530 Wed, 25 Nov 2009 15:32:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21576 The High Court ruled against the taxpayer and in favor of the Revenue, affirming the disallowance of the deduction for interest paid on advances to directors. The Court held that the non-charging of interest on the debit balance of directors did not constitute a perquisite, and providing interest-free advances to directors was considered a benefit, resulting in expenditure that should reduce the deduction of interest paid on borrowings. The judgment concluded with no costs awarded. Case-Laws Income Tax Fri, 07 Feb 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21576