https://www.taxtmi.com/caselaws?id=59976 The Tribunal allowed the assessee's appeal, setting aside the disallowance of Rs. 1,00,000 from the interest paid on the Bank overdraft account. It held that the interest was incurred for the assessee's own business purposes, including investments in a sister concern, and thus deductible under relevant provisions of the Income-tax Act. The Tribunal referred to precedents supporting the deduction of such interest for business purposes, overturning the decisions of the lower authorities and directing the Income Tax Officer to calculate the relief due to the assessee. en-us Sat, 05 Feb 1983 00:00:00 +0530 Mon, 03 Jan 2011 11:25:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59976 The Tribunal allowed the assessee's appeal, setting aside the disallowance of Rs. 1,00,000 from the interest paid on the Bank overdraft account. It held that the interest was incurred for the assessee's own business purposes, including investments in a sister concern, and thus deductible under relevant provisions of the Income-tax Act. The Tribunal referred to precedents supporting the deduction of such interest for business purposes, overturning the decisions of the lower authorities and directing the Income Tax Officer to calculate the relief due to the assessee. Case-Laws Income Tax Sat, 05 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59976