https://www.taxtmi.com/caselaws?id=26304 The Tribunal upheld the interest payment made by an assessee-company to old creditors related to its directors, ruling that it did not fall under section 40(c) of the Income-tax Act, 1961. The court held that the interest paid was not considered remuneration or a benefit to a relative of a director, and thus should be allowed as a deduction under section 36(1)(iii). The decision favored the assessee, with each party bearing its own costs. en-us Tue, 04 Sep 1984 00:00:00 +0530 Thu, 04 Feb 2010 11:10:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26304 The Tribunal upheld the interest payment made by an assessee-company to old creditors related to its directors, ruling that it did not fall under section 40(c) of the Income-tax Act, 1961. The court held that the interest paid was not considered remuneration or a benefit to a relative of a director, and thus should be allowed as a deduction under section 36(1)(iii). The decision favored the assessee, with each party bearing its own costs. Case-Laws Income Tax Tue, 04 Sep 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26304