https://www.taxtmi.com/caselaws?id=22801 The Income-tax Appellate Tribunal ruled in favor of the petitioner, allowing interest deductions for capital borrowed for business purposes regardless of how it was utilized and permitting set off for funds where no interest was charged. Subsequently, the reassessment notice issued by the Income-tax Officer in 1982 was quashed as the Tribunal's decision had already addressed the issue of interest chargeability to tax. The court concurred with the Tribunal's findings, rejecting the Income-tax Officer's belief of income evasion due to undisclosed interest on advances to firms. The petition was allowed, and the reassessment notice was quashed, preventing further action by the respondent. en-us Wed, 16 Jan 1991 00:00:00 +0530 Mon, 14 Dec 2009 11:58:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22801 The Income-tax Appellate Tribunal ruled in favor of the petitioner, allowing interest deductions for capital borrowed for business purposes regardless of how it was utilized and permitting set off for funds where no interest was charged. Subsequently, the reassessment notice issued by the Income-tax Officer in 1982 was quashed as the Tribunal's decision had already addressed the issue of interest chargeability to tax. The court concurred with the Tribunal's findings, rejecting the Income-tax Officer's belief of income evasion due to undisclosed interest on advances to firms. The petition was allowed, and the reassessment notice was quashed, preventing further action by the respondent. Case-Laws Income Tax Wed, 16 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22801