https://www.taxtmi.com/caselaws?id=27561 The High Court ruled in favor of the Revenue, holding that the Tribunal's decision on interest calculation was incorrect. The Court emphasized that the actual interest rate of 9 1/2 per cent paid by the firm should be considered for disallowance, not the 6% interest paid by partners on their loans to the firm. This decision highlighted the importance of aligning the interest rate for disallowance with the rate actually paid by the firm, ensuring consistency in determining business expenditures. en-us Mon, 07 Nov 1983 00:00:00 +0530 Sat, 13 Feb 2010 15:49:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27561 The High Court ruled in favor of the Revenue, holding that the Tribunal's decision on interest calculation was incorrect. The Court emphasized that the actual interest rate of 9 1/2 per cent paid by the firm should be considered for disallowance, not the 6% interest paid by partners on their loans to the firm. This decision highlighted the importance of aligning the interest rate for disallowance with the rate actually paid by the firm, ensuring consistency in determining business expenditures. Case-Laws Income Tax Mon, 07 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27561