https://www.taxtmi.com/caselaws?id=26220 The High Court affirmed the deduction of interest paid to non-resident banks under section 40(a)(i), allowing Rs. 2,36,007 as tax paid by the assessee. It disagreed with the disallowance of expenses incurred before the relevant previous year, holding them as revenue expenses. The Court upheld the 15% depreciation rate on camp equipment, classifying it as furniture in a boarding house. The Tribunal's decision on the interest deduction was upheld, while its rulings on expenses disallowance and depreciation rate reduction were overturned. Each party was ordered to bear its own costs. en-us Wed, 22 Aug 1984 00:00:00 +0530 Wed, 03 Feb 2010 14:24:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26220 The High Court affirmed the deduction of interest paid to non-resident banks under section 40(a)(i), allowing Rs. 2,36,007 as tax paid by the assessee. It disagreed with the disallowance of expenses incurred before the relevant previous year, holding them as revenue expenses. The Court upheld the 15% depreciation rate on camp equipment, classifying it as furniture in a boarding house. The Tribunal's decision on the interest deduction was upheld, while its rulings on expenses disallowance and depreciation rate reduction were overturned. Each party was ordered to bear its own costs. Case-Laws Income Tax Wed, 22 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26220