https://www.taxtmi.com/caselaws?id=58072 The Tribunal found that the disallowance of interest on bank overdraft was unjustified as the interest-free advances to a subsidiary were made in the course of business. The disallowance was deleted based on legal precedents cited. Regarding the treatment of depreciation for weighted deduction, the Tribunal ruled that depreciation does not qualify as expenditure for weighted deduction under section 35C of the Income-tax Act, as it is an allowance for wear and tear of machinery, not an item of expenditure. The appeals were partly allowed in this regard. en-us Sat, 25 Jul 1981 00:00:00 +0530 Fri, 17 Dec 2010 11:58:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58072 The Tribunal found that the disallowance of interest on bank overdraft was unjustified as the interest-free advances to a subsidiary were made in the course of business. The disallowance was deleted based on legal precedents cited. Regarding the treatment of depreciation for weighted deduction, the Tribunal ruled that depreciation does not qualify as expenditure for weighted deduction under section 35C of the Income-tax Act, as it is an allowance for wear and tear of machinery, not an item of expenditure. The appeals were partly allowed in this regard. Case-Laws Income Tax Sat, 25 Jul 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58072