https://www.taxtmi.com/caselaws?id=38803 The High Court upheld the Tribunal's decision to allow deductions for interest paid on borrowings used for income-tax liabilities, emphasizing the relevance of the purpose of borrowings and interest payment for business activities. The Court rejected the revenue's argument based on past disallowances, highlighting the importance of specific circumstances in each case. The ruling discharged the rule, affirming the Tribunal's decision to permit the deductions with costs. en-us Tue, 30 Nov 1976 00:00:00 +0530 Fri, 09 Apr 2010 11:24:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38803 The High Court upheld the Tribunal's decision to allow deductions for interest paid on borrowings used for income-tax liabilities, emphasizing the relevance of the purpose of borrowings and interest payment for business activities. The Court rejected the revenue's argument based on past disallowances, highlighting the importance of specific circumstances in each case. The ruling discharged the rule, affirming the Tribunal's decision to permit the deductions with costs. Case-Laws Income Tax Tue, 30 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38803