https://www.taxtmi.com/caselaws?id=27803 The court ruled in favor of the assessee, holding that the interest repayment to the bank qualifies as an allowable expenditure under Section 57(iii) of the Income Tax Act. The withdrawal of a fixed deposit to invest in shares was considered directly linked to earning income, akin to borrowing money for share investment. Drawing from a similar precedent, the court affirmed the Tribunal's decision, allowing the deduction claimed under Section 57(iii) and rejecting the Revenue's appeal. en-us Fri, 15 Jun 1984 00:00:00 +0530 Tue, 16 Feb 2010 11:43:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27803 The court ruled in favor of the assessee, holding that the interest repayment to the bank qualifies as an allowable expenditure under Section 57(iii) of the Income Tax Act. The withdrawal of a fixed deposit to invest in shares was considered directly linked to earning income, akin to borrowing money for share investment. Drawing from a similar precedent, the court affirmed the Tribunal's decision, allowing the deduction claimed under Section 57(iii) and rejecting the Revenue's appeal. Case-Laws Income Tax Fri, 15 Jun 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27803