1983 (11) TMI 3

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....e Income-tax Appellate Tribunal, Bangalore Bench, has referred the following question of law under section 256(1) of the Income-tax Act, 1961, for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in disallowing the claim of interest amounting to Rs. 10,932 paid to the firm, Ramnarayan Girdhardas and Co., Bangalore ? " The ass....

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....e withdrawals by the assessee were for personal expenses and the claim for allowance in respect of the said expenses was, therefore, rightly disallowed by the Income-tax Officer. The Tribunal observed that the borrowing of the money by the assessee was not for the purpose of his business and it could not be considered as an expenditure laid out wholly and exclusively for the purpose of the busines....