https://www.taxtmi.com/caselaws?id=56091 The Appellate Tribunal ITAT AHMEDABAD-C upheld the disallowance of interest under section 40A(8) in the assessment year 1983-84, distinguishing between current accounts and deposits. The Tribunal concluded that interest paid to Directors and shareholders on current accounts cannot be disallowed under section 40A(8) as it involves frequent transactions. However, the disallowance related to deposits, not current accounts, and was upheld. The Tribunal also confirmed the levy of interest under section 215 as automatic and justified. en-us Thu, 26 Apr 1990 00:00:00 +0530 Wed, 01 Dec 2010 22:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56091 The Appellate Tribunal ITAT AHMEDABAD-C upheld the disallowance of interest under section 40A(8) in the assessment year 1983-84, distinguishing between current accounts and deposits. The Tribunal concluded that interest paid to Directors and shareholders on current accounts cannot be disallowed under section 40A(8) as it involves frequent transactions. However, the disallowance related to deposits, not current accounts, and was upheld. The Tribunal also confirmed the levy of interest under section 215 as automatic and justified. Case-Laws Income Tax Thu, 26 Apr 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56091