https://www.taxtmi.com/caselaws?id=21988 Section 37 allows deduction only for expenditure incurred wholly and exclusively for a business actually carried on in the relevant year. On the recorded facts, the assessee was barred from abkari auctions, had not carried on abkari business during the year, and was working for Crossfield Trades as an employee. The business was therefore treated as discontinued, not merely dormant, and the interest paid on abkari arrears was held not allowable as a business deduction. Once discontinuance was established, the separate issue on the twentieth day became academic. en-us Wed, 02 Aug 1989 00:00:00 +0530 Sat, 05 Dec 2009 12:47:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21988 Section 37 allows deduction only for expenditure incurred wholly and exclusively for a business actually carried on in the relevant year. On the recorded facts, the assessee was barred from abkari auctions, had not carried on abkari business during the year, and was working for Crossfield Trades as an employee. The business was therefore treated as discontinued, not merely dormant, and the interest paid on abkari arrears was held not allowable as a business deduction. Once discontinuance was established, the separate issue on the twentieth day became academic. Case-Laws Income Tax Wed, 02 Aug 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21988