https://www.taxtmi.com/caselaws?id=55058 The Tribunal affirmed the assessee's entitlement to deduction under section 80V for interest paid on loans taken against fixed deposits for tax payment. The Tribunal rejected the Income Tax Officer's argument that the arrangement did not meet the criteria of section 80V, emphasizing the direct nexus between borrowing and tax payment. It was clarified that the borrowed money belonged to the lender, establishing it as borrowing for tax payment. The Tribunal upheld the assessee's right to arrange affairs advantageously and dismissed the appeal, ruling in favor of the assessee. en-us Tue, 24 Sep 1991 00:00:00 +0530 Tue, 23 Nov 2010 16:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55058 The Tribunal affirmed the assessee's entitlement to deduction under section 80V for interest paid on loans taken against fixed deposits for tax payment. The Tribunal rejected the Income Tax Officer's argument that the arrangement did not meet the criteria of section 80V, emphasizing the direct nexus between borrowing and tax payment. It was clarified that the borrowed money belonged to the lender, establishing it as borrowing for tax payment. The Tribunal upheld the assessee's right to arrange affairs advantageously and dismissed the appeal, ruling in favor of the assessee. Case-Laws Income Tax Tue, 24 Sep 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55058