Bombay High Court Allows Deduction Under Section 80V for Interest on Borrowings for Tax Payment and Directs Recomputation of Disallowance Under Rule 6D on Aggregate Trip Basis. The Court held that Section 80V deduction is available if borrowings were for tax payment, and Rule 6D disallowance must be computed on aggregate trips per employee.
1 Aug 2014The case pertains to an Income Tax Reference under Section 256(1) of the Income Tax Act, 1961, for the Assessment Year 1985-86. The assessee, M/s Mafa...
