https://www.taxtmi.com/caselaws?id=27723 The court held that the interest paid by the assessee on borrowed funds could be disallowed under section 36(1)(iii) of the Income-tax Act. The Tribunal's decision to allow the deduction claimed by the assessee was overturned, and the court ruled in favor of the Revenue, awarding costs and counsel's fee to the Revenue. en-us Wed, 19 Oct 1983 00:00:00 +0530 Mon, 15 Feb 2010 16:35:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27723 The court held that the interest paid by the assessee on borrowed funds could be disallowed under section 36(1)(iii) of the Income-tax Act. The Tribunal's decision to allow the deduction claimed by the assessee was overturned, and the court ruled in favor of the Revenue, awarding costs and counsel's fee to the Revenue. Case-Laws Income Tax Wed, 19 Oct 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27723