https://www.taxtmi.com/caselaws?id=293599 The High Court dismissed the appeals filed by the Revenue challenging the Income Tax Appellate Tribunal's decision. The Court ruled in favor of the assessee, holding that the interest amount paid from the Overdraft/Cash Credit account towards term loan liability qualified for deduction under Section 43B of the Income Tax Act. The Court emphasized the distinction between Overdraft/Cash Credit accounts and loan accounts, stating that if the interest amount is actually paid and not converted into a loan or advance, the deduction should be allowed as per Explanations 3C and 3D to Section 43B. en-us Wed, 26 Nov 2014 00:00:00 +0530 Sat, 20 Feb 2021 09:06:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293599 The High Court dismissed the appeals filed by the Revenue challenging the Income Tax Appellate Tribunal's decision. The Court ruled in favor of the assessee, holding that the interest amount paid from the Overdraft/Cash Credit account towards term loan liability qualified for deduction under Section 43B of the Income Tax Act. The Court emphasized the distinction between Overdraft/Cash Credit accounts and loan accounts, stating that if the interest amount is actually paid and not converted into a loan or advance, the deduction should be allowed as per Explanations 3C and 3D to Section 43B. Case-Laws Income Tax Wed, 26 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293599