https://www.taxtmi.com/caselaws?id=21826 The High Court upheld the decision of the Appellate Tribunal, ruling against the assessee in a case concerning the disallowance of interest deduction under section 10(15)(iv)(c) of the Income-tax Act, 1961. The Court emphasized the necessity of specific and direct approval by the Central Government for the interest rate on loans related to the purchase of machinery, clarifying that approval must be in line with the provision's subject matter. The judgment highlights the importance of precise governmental approval for tax exemptions and deductions, affirming that approvals must be specific to the relevant statutory provisions. en-us Thu, 17 Jan 1991 00:00:00 +0530 Tue, 01 Dec 2009 17:57:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21826 The High Court upheld the decision of the Appellate Tribunal, ruling against the assessee in a case concerning the disallowance of interest deduction under section 10(15)(iv)(c) of the Income-tax Act, 1961. The Court emphasized the necessity of specific and direct approval by the Central Government for the interest rate on loans related to the purchase of machinery, clarifying that approval must be in line with the provision's subject matter. The judgment highlights the importance of precise governmental approval for tax exemptions and deductions, affirming that approvals must be specific to the relevant statutory provisions. Case-Laws Income Tax Thu, 17 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21826