1997 (3) TMI 5 - SC - Income Tax

Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the payment of interest of Rs. 28,488 on money borrowed for payment of income-tax was not an expenditure laid out wholly and exclusively for the purpose of business as contemplated by sub-section (1) of section 37 - assessee's appeal is devoid of merit and the same is accordingly dismissed