https://www.taxtmi.com/caselaws?id=58058 The Tribunal dismissed the appeal by the assessee-company, upholding the disallowance of interest under section 40A(8) of the Income-tax Act, 1961, due to the lack of continuous investment activity and the non-applicability of exemptions for interest on directors' current accounts. The appeal by the revenue was allowed, affirming the decision to disallow 15% of interest paid to various persons by the assessee-company. en-us Fri, 20 Dec 1985 00:00:00 +0530 Fri, 17 Dec 2010 11:25:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58058 The Tribunal dismissed the appeal by the assessee-company, upholding the disallowance of interest under section 40A(8) of the Income-tax Act, 1961, due to the lack of continuous investment activity and the non-applicability of exemptions for interest on directors' current accounts. The appeal by the revenue was allowed, affirming the decision to disallow 15% of interest paid to various persons by the assessee-company. Case-Laws Income Tax Fri, 20 Dec 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58058