https://www.taxtmi.com/caselaws?id=58435 The ITAT BOMBAY-B held that Section 40A(8) of the IT Act did not apply to interest paid on current accounts of directors and family members as it aimed to deter public borrowing, not personal transactions. The Tribunal found that the nature of deposits from the public differed from current account transactions, ruling the disallowance of interest unwarranted. Consequently, the Tribunal set aside the CIT's order and allowed the appeal. en-us Sat, 02 Feb 1980 00:00:00 +0530 Mon, 20 Dec 2010 10:21:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58435 The ITAT BOMBAY-B held that Section 40A(8) of the IT Act did not apply to interest paid on current accounts of directors and family members as it aimed to deter public borrowing, not personal transactions. The Tribunal found that the nature of deposits from the public differed from current account transactions, ruling the disallowance of interest unwarranted. Consequently, the Tribunal set aside the CIT's order and allowed the appeal. Case-Laws Income Tax Sat, 02 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58435