https://www.taxtmi.com/caselaws?id=29154 The Court allowed the deduction of interest on debit balances attributable to firm losses but disallowed interest on personal expenses drawings. It held that interest related to firm losses should be allowed, even if not covered by a specific provision. The matter concerning the levy of interest was remanded for further review based on a previous decision. The Court declined to address the interpretation of a specific section as it was beyond the scope of the reference. Ultimately, the Court ruled in favor of the assessee on the first issue, remanded the second issue, and did not entertain the third issue. en-us Fri, 10 Nov 1978 00:00:00 +0530 Thu, 11 Mar 2010 11:43:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29154 The Court allowed the deduction of interest on debit balances attributable to firm losses but disallowed interest on personal expenses drawings. It held that interest related to firm losses should be allowed, even if not covered by a specific provision. The matter concerning the levy of interest was remanded for further review based on a previous decision. The Court declined to address the interpretation of a specific section as it was beyond the scope of the reference. Ultimately, the Court ruled in favor of the assessee on the first issue, remanded the second issue, and did not entertain the third issue. Case-Laws Income Tax Fri, 10 Nov 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29154