https://www.taxtmi.com/caselaws?id=24071 The High Court ruled in favor of the Revenue, emphasizing that sections 40A(8) and 40A(2) of the Income-tax Act, 1961 can operate concurrently. The Court directed the Tribunal to assess the reasonableness of interest payments to directors and their relations and determine appropriate disallowances under the relevant provisions. The Tribunal was instructed to consider the 15% disallowance under section 40A(8) even if no excessive payments were found under section 40A(2). en-us Wed, 18 Jan 1989 00:00:00 +0530 Sat, 16 Jan 2010 15:01:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24071 The High Court ruled in favor of the Revenue, emphasizing that sections 40A(8) and 40A(2) of the Income-tax Act, 1961 can operate concurrently. The Court directed the Tribunal to assess the reasonableness of interest payments to directors and their relations and determine appropriate disallowances under the relevant provisions. The Tribunal was instructed to consider the 15% disallowance under section 40A(8) even if no excessive payments were found under section 40A(2). Case-Laws Income Tax Wed, 18 Jan 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24071