https://www.taxtmi.com/caselaws?id=34999 The court dismissed the Revenue's appeal against the Income-tax Appellate Tribunal's decision to allow interest liabilities claimed as deductions for the assessment year 1988-89. The liabilities, related to Canara Bank and Syndicate Bank, were deemed to belong to the firm, not the partners, and were upheld as deductible expenses. The court emphasized the binding nature of the Circular of the Central Board of Direct Taxes regarding the monetary limit for filing appeals, stating that the tax effect being below the limit rendered the Revenue's appeal unsustainable. en-us Tue, 27 Jan 2009 00:00:00 +0530 Thu, 26 Nov 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34999 The court dismissed the Revenue's appeal against the Income-tax Appellate Tribunal's decision to allow interest liabilities claimed as deductions for the assessment year 1988-89. The liabilities, related to Canara Bank and Syndicate Bank, were deemed to belong to the firm, not the partners, and were upheld as deductible expenses. The court emphasized the binding nature of the Circular of the Central Board of Direct Taxes regarding the monetary limit for filing appeals, stating that the tax effect being below the limit rendered the Revenue's appeal unsustainable. Case-Laws Income Tax Tue, 27 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34999