https://www.taxtmi.com/caselaws?id=38152 The Tribunal allowed the interest paid on overdraft as a deductible expense for the assessment year 1963-64, considering the altered financial position of the assessee due to the complete repayment of the overdraft. The court emphasized that interest on borrowings for business purposes is typically considered revenue expenditure and ruled in favor of the assessee, granting costs amounting to Rs. 200. The decision highlighted the importance of assessing the specific circumstances and financial position of the assessee in determining the taxability of interest paid on borrowings. en-us Tue, 31 Jan 1978 00:00:00 +0530 Sat, 03 Apr 2010 14:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38152 The Tribunal allowed the interest paid on overdraft as a deductible expense for the assessment year 1963-64, considering the altered financial position of the assessee due to the complete repayment of the overdraft. The court emphasized that interest on borrowings for business purposes is typically considered revenue expenditure and ruled in favor of the assessee, granting costs amounting to Rs. 200. The decision highlighted the importance of assessing the specific circumstances and financial position of the assessee in determining the taxability of interest paid on borrowings. Case-Laws Income Tax Tue, 31 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38152