https://www.taxtmi.com/caselaws?id=55181 Amounts credited to directors in current accounts were treated as deposits within the meaning of section 40A(8) because the statutory definition was wide enough to cover money borrowed by the company, including loans on which interest was paid. The distinction between a loan and a deposit under company law did not control the income-tax provision, so the interest disallowance was justified. The directors were also not treated as "other agents" under the Explanation to section 40A(8), because that expression had to be read narrowly in its statutory context. The disallowance was sustained and the assessee's appeals failed. en-us Wed, 29 Oct 1986 00:00:00 +0530 Wed, 24 Nov 2010 13:05:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55181 Amounts credited to directors in current accounts were treated as deposits within the meaning of section 40A(8) because the statutory definition was wide enough to cover money borrowed by the company, including loans on which interest was paid. The distinction between a loan and a deposit under company law did not control the income-tax provision, so the interest disallowance was justified. The directors were also not treated as "other agents" under the Explanation to section 40A(8), because that expression had to be read narrowly in its statutory context. The disallowance was sustained and the assessee's appeals failed. Case-Laws Income Tax Wed, 29 Oct 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55181