https://www.taxtmi.com/caselaws?id=56108 The Appellate Tribunal ITAT Ahmedabad-C allowed the appeal in favor of the assessee in a case concerning the disallowance of interests paid to trusts under section 40A(9) & (11) of the Income Tax Act. The Tribunal held that the deduction for interest paid by the assessee to the trusts should be allowed as the trusts were the owners of the unspent amounts until repayment was claimed, and the trusts had paid taxes on the interest income received from the assessee. The assessments of the trusts were accepted, and no evidence challenged their finality, leading to the allowance of the deduction. en-us Thu, 20 Feb 1992 00:00:00 +0530 Wed, 01 Dec 2010 16:13:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56108 The Appellate Tribunal ITAT Ahmedabad-C allowed the appeal in favor of the assessee in a case concerning the disallowance of interests paid to trusts under section 40A(9) & (11) of the Income Tax Act. The Tribunal held that the deduction for interest paid by the assessee to the trusts should be allowed as the trusts were the owners of the unspent amounts until repayment was claimed, and the trusts had paid taxes on the interest income received from the assessee. The assessments of the trusts were accepted, and no evidence challenged their finality, leading to the allowance of the deduction. Case-Laws Income Tax Thu, 20 Feb 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56108