https://www.taxtmi.com/caselaws?id=35799 The High Court held that the assessee was entitled to deduct interest payments made on inherited liabilities from his assessable income. The court reasoned that the interest payments were diverted before reaching the assessee, thus not forming part of his real income. The court ruled in favor of the assessee, citing that the amounts paid as interest were not for the purpose of investment or income generation. Consequently, the court ordered the Commissioner to pay the costs of the reference to the assessee. en-us Wed, 27 Aug 1980 00:00:00 +0530 Tue, 16 Mar 2010 17:01:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35799 The High Court held that the assessee was entitled to deduct interest payments made on inherited liabilities from his assessable income. The court reasoned that the interest payments were diverted before reaching the assessee, thus not forming part of his real income. The court ruled in favor of the assessee, citing that the amounts paid as interest were not for the purpose of investment or income generation. Consequently, the court ordered the Commissioner to pay the costs of the reference to the assessee. Case-Laws Income Tax Wed, 27 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35799