https://www.taxtmi.com/caselaws?id=23599 The court ruled in favor of the assessee regarding the deduction of borrowed monies and debts due, based on a previous decision. The court also held that a specific sum received on the transfer of import entitlements was not exempt from tax and rejected the claim for interest paid to the Income-tax Department as a deduction from total income. Additionally, the court denied the interest payment as a loss on commercial principles. The judgment allowed an appeal to the Supreme Court for the second and third questions. en-us Mon, 25 Sep 1989 00:00:00 +0530 Tue, 22 Dec 2009 15:41:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23599 The court ruled in favor of the assessee regarding the deduction of borrowed monies and debts due, based on a previous decision. The court also held that a specific sum received on the transfer of import entitlements was not exempt from tax and rejected the claim for interest paid to the Income-tax Department as a deduction from total income. Additionally, the court denied the interest payment as a loss on commercial principles. The judgment allowed an appeal to the Supreme Court for the second and third questions. Case-Laws Income Tax Mon, 25 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23599