1997 (9) TMI 24 - HC - Income Tax

Summary

The High Court of Madras dismissed the revision petition regarding the deduction of interest for the assessment year 1987-88. The court held that interest claimed under section 5(k) cannot be allowed under section 5(e). The court also ruled that section 5(k) covers interest paid on borrowings from earlier years. The Tribunal's decision was upheld, and the revision petition was dismissed with no costs.