https://www.taxtmi.com/caselaws?id=56571 The Appellate Tribunal upheld the decision to disallow Rs. 5,175 under section 40A(8) of the Income-tax Act, 1961, ruling against the assessee's appeal. The Tribunal determined that any loan taken by a company from a private party qualifies as a 'deposit,' subject to a 15% disallowance of interest. The Tribunal emphasized the mandatory nature of the disallowance and rejected arguments regarding the nature and source of the deposits. The decision affirmed the automatic tax implications once amounts qualified as 'deposits' under section 40A(8), dismissing the appeal and upholding the disallowance of interest. en-us Tue, 31 Aug 1982 00:00:00 +0530 Sat, 04 Dec 2010 15:55:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56571 The Appellate Tribunal upheld the decision to disallow Rs. 5,175 under section 40A(8) of the Income-tax Act, 1961, ruling against the assessee's appeal. The Tribunal determined that any loan taken by a company from a private party qualifies as a 'deposit,' subject to a 15% disallowance of interest. The Tribunal emphasized the mandatory nature of the disallowance and rejected arguments regarding the nature and source of the deposits. The decision affirmed the automatic tax implications once amounts qualified as 'deposits' under section 40A(8), dismissing the appeal and upholding the disallowance of interest. Case-Laws Income Tax Tue, 31 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56571