https://www.taxtmi.com/caselaws?id=23896 The High Court held that interest paid by the assessee to directors and shareholders was not in relation to deposits, thus disallowance under section 40A(8) of the Income-tax Act was not justified. Additionally, the Court agreed that the subsidy received should not be deducted from the cost of assets for depreciation calculation under sections 43(1) and 43(6) of the Income-tax Act. Each party was ordered to bear their own costs in the reference. en-us Thu, 09 Mar 1989 00:00:00 +0530 Fri, 15 Jan 2010 11:23:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23896 The High Court held that interest paid by the assessee to directors and shareholders was not in relation to deposits, thus disallowance under section 40A(8) of the Income-tax Act was not justified. Additionally, the Court agreed that the subsidy received should not be deducted from the cost of assets for depreciation calculation under sections 43(1) and 43(6) of the Income-tax Act. Each party was ordered to bear their own costs in the reference. Case-Laws Income Tax Thu, 09 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23896