https://www.taxtmi.com/caselaws?id=56135 The tribunal allowed the appeal, ruling that the interest paid by the appellant to the trusts is eligible for deduction. The tribunal held that the trusts retained ownership of the funds and interest income until the unspent amounts were recovered by the assessee, emphasizing that there was no provision deeming the assessee as the owner of the funds or interest income. The tribunal's decision was based on a thorough examination of relevant legislative provisions and clarified that the trusts were the rightful owners of the income derived from the funds. en-us Thu, 20 Feb 1992 00:00:00 +0530 Wed, 01 Dec 2010 17:46:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56135 The tribunal allowed the appeal, ruling that the interest paid by the appellant to the trusts is eligible for deduction. The tribunal held that the trusts retained ownership of the funds and interest income until the unspent amounts were recovered by the assessee, emphasizing that there was no provision deeming the assessee as the owner of the funds or interest income. The tribunal's decision was based on a thorough examination of relevant legislative provisions and clarified that the trusts were the rightful owners of the income derived from the funds. Case-Laws Income Tax Thu, 20 Feb 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56135