https://www.taxtmi.com/caselaws?id=29331 The High Court upheld the Tribunal's decision that the interest paid by the assessee-company to Upper India Sugar Mills Ltd. was deductible for the assessment years 1967-68, 1968-69, and 1969-70. The Court agreed that the compensation received from the Government after the takeover of the electricity business constituted a source of income against which the interest payments could be deducted. The Court found that the borrowed funds were effectively transferred to the metal business, justifying the interest deductions. The Court affirmed the Tribunal's decision and allowed the interest deductions without costs. en-us Wed, 25 Aug 1982 00:00:00 +0530 Fri, 12 Mar 2010 12:17:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29331 The High Court upheld the Tribunal's decision that the interest paid by the assessee-company to Upper India Sugar Mills Ltd. was deductible for the assessment years 1967-68, 1968-69, and 1969-70. The Court agreed that the compensation received from the Government after the takeover of the electricity business constituted a source of income against which the interest payments could be deducted. The Court found that the borrowed funds were effectively transferred to the metal business, justifying the interest deductions. The Court affirmed the Tribunal's decision and allowed the interest deductions without costs. Case-Laws Income Tax Wed, 25 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29331