1997 (8) TMI 13 - HC - Income Tax

Summary

The High Court of Madras allowed the revision petition against the Agricultural Income-tax Appellate Tribunal's order, stating that the assessee cannot deduct interest earned from interest paid before determining the allowable deduction under section 5(k) of the Tamil Nadu Agricultural Income-tax Act, 1955. The court held that the method of accounting adopted by the assessee was not legally permissible. The court set aside the Tribunal's order and allowed the revision petition.