https://www.taxtmi.com/caselaws?id=61274 The Appellate Tribunal ruled in favor of the assessee, allowing a partial deduction of interest paid to the Punjab State Co-operative Supply and Marketing Federation Ltd. on a loan for business purposes. The Tribunal held that even though the loan was not utilized for the specific business activity it was intended for, it still contributed to the overall working capital of the composite business. The decision was based on the composite nature of the business and relevant High Court judgments, leading to the deletion of Rs. 30,816 from the total income for the assessment year. en-us Thu, 03 Nov 1983 00:00:00 +0530 Wed, 12 Jan 2011 10:34:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61274 The Appellate Tribunal ruled in favor of the assessee, allowing a partial deduction of interest paid to the Punjab State Co-operative Supply and Marketing Federation Ltd. on a loan for business purposes. The Tribunal held that even though the loan was not utilized for the specific business activity it was intended for, it still contributed to the overall working capital of the composite business. The decision was based on the composite nature of the business and relevant High Court judgments, leading to the deletion of Rs. 30,816 from the total income for the assessment year. Case-Laws Income Tax Thu, 03 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61274