1987 (6) TMI 83

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....ns taken from Sri Sriniwas & Sons and Smt. Parmeshwari Devi. 2. The ITO did not allow this interest because the loans were taken in the past in order to pay income-tax. He had disallowed such interest in the assessment year 1974-75 also. The said disallowance was upheld by this Tribunal on second appeal. For this reason the AAC held that the ITO was justified in making the disallowance in the p....

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....considered the contentions of the authorised representatives for the parties. Sec. 80V of the Act was inserted w.e.f. 1-4-76 by the Taxation Laws (Amendment) Act, 1975. So if this section provides deduction of interest as claimed by the assessee, the earlier order of this Tribunal for the earlier year cannot be a bar in allowing such deduction. 5. Section 80V runs as follows : " In computing....