1998 (7) TMI 46 - HC - Income Tax

Summary

The High Court of Madhya Pradesh ruled that the interest payment of Rs. 3,18,203 on bank overdrafts was not an allowable deduction in computing the income of the assessee for the assessment year 1980-81. The Tribunal's decision was upheld, stating that the interest was not a business expenditure as per the Income-tax Act.