https://www.taxtmi.com/caselaws?id=28819 A valid gift made on 28 March 1957 was treated as established, and that finding supported the claim for interest on the credited amounts. Because the gift had already been accepted in the connected gift-tax matter, the Court proceeded on the basis that the interest paid to the donees was applied in the assessee-firm's business. Once the gift's validity was accepted, no separate dispute remained over the character of the expenditure, and the interest claim followed. The question was answered in favour of the assessee, and the interest was allowable as a deduction. en-us Tue, 03 Aug 1982 00:00:00 +0530 Fri, 26 Feb 2010 11:28:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28819 A valid gift made on 28 March 1957 was treated as established, and that finding supported the claim for interest on the credited amounts. Because the gift had already been accepted in the connected gift-tax matter, the Court proceeded on the basis that the interest paid to the donees was applied in the assessee-firm's business. Once the gift's validity was accepted, no separate dispute remained over the character of the expenditure, and the interest claim followed. The question was answered in favour of the assessee, and the interest was allowable as a deduction. Case-Laws Income Tax Tue, 03 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28819