https://www.taxtmi.com/caselaws?id=29112 The High Court ruled in favor of the assessee on two main issues. Firstly, it held that the interest payment of Rs. 83,691 to the Kapoor group was an admissible deduction under section 37 of the Income-tax Act, 1961, as the liability was transferred to the newly constituted firm. Secondly, the Court determined that the sum of Rs. 50,044, initially treated as income but later reversed, was not liable for tax assessment as no actual income was derived. The Court upheld the Tribunal's decisions, dismissing the Revenue's arguments. en-us Fri, 10 Apr 1981 00:00:00 +0530 Wed, 10 Mar 2010 18:23:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29112 The High Court ruled in favor of the assessee on two main issues. Firstly, it held that the interest payment of Rs. 83,691 to the Kapoor group was an admissible deduction under section 37 of the Income-tax Act, 1961, as the liability was transferred to the newly constituted firm. Secondly, the Court determined that the sum of Rs. 50,044, initially treated as income but later reversed, was not liable for tax assessment as no actual income was derived. The Court upheld the Tribunal's decisions, dismissing the Revenue's arguments. Case-Laws Income Tax Fri, 10 Apr 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29112