Commissioner Of Income Tax vs Gopal Bansilal Inani

Authority: Supreme Court Date: 2000-02-01 Section: 37(1), 171 Acts: Income Tax Act 1961 Result: Revenue Citation: (2000) 163 CTR (SC) 421 : (2000) 245 ITR 2 (SC) : (2001) 116 TAXMAN 7 (SC) Justices: D.P. Wadhwa & Syed Shah Mohammed Quadri, JJ. Appeal No: Civil Appeal No. 1940 of 1993
Whether interest payments made by an HUF to its coparceners on amounts lent by them to the HUF are deductible as business expenditure under Section 37(1) of the Income Tax Act, 1961 --- Held No

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