https://www.taxtmi.com/caselaws?id=38687 The court held that the interest on amounts utilized from an overdraft for tax payments is not allowable as a deduction in computing the assessee's total income. The Appellate Tribunal disallowed the interest amount claimed by the assessee, stating that income tax payments are not considered part of an assessee's expenditure. The court upheld this decision, concluding that while the interest claimed may now be allowed under the law, it could not be allowed at the relevant time. Therefore, the interest on borrowed funds for tax payments is not deductible. en-us Tue, 09 Nov 1976 00:00:00 +0530 Thu, 08 Apr 2010 13:00:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38687 The court held that the interest on amounts utilized from an overdraft for tax payments is not allowable as a deduction in computing the assessee's total income. The Appellate Tribunal disallowed the interest amount claimed by the assessee, stating that income tax payments are not considered part of an assessee's expenditure. The court upheld this decision, concluding that while the interest claimed may now be allowed under the law, it could not be allowed at the relevant time. Therefore, the interest on borrowed funds for tax payments is not deductible. Case-Laws Income Tax Tue, 09 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38687