https://www.taxtmi.com/caselaws?id=24842 Interest paid on debit balances arising from withdrawals for personal expenses, including income-tax and insurance premium payments, was not treated as expenditure laid out wholly and exclusively for business. Because the withdrawals had no nexus with the business, the interest claim failed the business-purpose test under section 37 of the Income-tax Act, 1961. The deduction was therefore not allowable and the disallowance was upheld. en-us Thu, 10 Nov 1983 00:00:00 +0530 Fri, 22 Jan 2010 16:53:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24842 Interest paid on debit balances arising from withdrawals for personal expenses, including income-tax and insurance premium payments, was not treated as expenditure laid out wholly and exclusively for business. Because the withdrawals had no nexus with the business, the interest claim failed the business-purpose test under section 37 of the Income-tax Act, 1961. The deduction was therefore not allowable and the disallowance was upheld. Case-Laws Income Tax Thu, 10 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24842