Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2001 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2001 (2) TMI 90 - ANDHRA PRADESH HIGH COURTExtract: ....... borrowals was to discharge the tax liability and the amounts were also incurred to discharge such liability. Therefore, the expenditure incurred on such borrowals was not allowable as deduction under section 57(iii) of the Act. Under the above circumstances, we answer the question in the negative, in favour of the Revenue and against the assessee.
|