https://www.taxtmi.com/caselaws?id=60410 The tribunal upheld the disallowance of interest payments under section 40A(8) of the Income Tax Act for the assessment years 1979-80, 1980-81, and 1981-82. It determined that the interest payments made were not on deposits but rather on current accounts, which did not qualify for deductions under the Act. The tribunal emphasized that the distinction between deposits and current accounts was crucial in this case and dismissed all cross objections filed by the assessee, affirming the disallowance of the interest payments. en-us Fri, 27 Jul 1984 00:00:00 +0530 Wed, 05 Jan 2011 11:59:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60410 The tribunal upheld the disallowance of interest payments under section 40A(8) of the Income Tax Act for the assessment years 1979-80, 1980-81, and 1981-82. It determined that the interest payments made were not on deposits but rather on current accounts, which did not qualify for deductions under the Act. The tribunal emphasized that the distinction between deposits and current accounts was crucial in this case and dismissed all cross objections filed by the assessee, affirming the disallowance of the interest payments. Case-Laws Income Tax Fri, 27 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60410