https://www.taxtmi.com/caselaws?id=38155 The High Court upheld the decision to disallow deductions claimed by the assessee-company for interest payments to LIC as business expenses for the assessment years 1968-69 and 1969-70. The Court determined that the interest payments were related to setting up a new hotel business that had not commenced by the end of the relevant previous year, thus not qualifying for deductions. The expenses were deemed not incurred in connection with any business carried on by the assessee in the relevant years. The Court ruled in favor of the revenue, directing each party to bear their own costs. en-us Fri, 03 Feb 1978 00:00:00 +0530 Sat, 03 Apr 2010 14:05:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38155 The High Court upheld the decision to disallow deductions claimed by the assessee-company for interest payments to LIC as business expenses for the assessment years 1968-69 and 1969-70. The Court determined that the interest payments were related to setting up a new hotel business that had not commenced by the end of the relevant previous year, thus not qualifying for deductions. The expenses were deemed not incurred in connection with any business carried on by the assessee in the relevant years. The Court ruled in favor of the revenue, directing each party to bear their own costs. Case-Laws Income Tax Fri, 03 Feb 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38155