https://www.taxtmi.com/caselaws?id=38904 The court concluded that the interest paid for personal expenses could not be deducted under section 37 or section 57 of the Income-tax Act. The Tribunal's decision to allow the deduction only for the Rs. 3,000 used for investment in the textile firm was correct. The question referred was answered in the negative and against the assessee, favoring the revenue. The assessee was ordered to pay the costs of the reference to the Commissioner. en-us Thu, 04 Dec 1975 00:00:00 +0530 Sat, 10 Apr 2010 12:46:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38904 The court concluded that the interest paid for personal expenses could not be deducted under section 37 or section 57 of the Income-tax Act. The Tribunal's decision to allow the deduction only for the Rs. 3,000 used for investment in the textile firm was correct. The question referred was answered in the negative and against the assessee, favoring the revenue. The assessee was ordered to pay the costs of the reference to the Commissioner. Case-Laws Income Tax Thu, 04 Dec 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38904