Interest on loan not deductible if loan were taken for non-business purposes

HIGH COURT OF ALLAHABAD Commissioner of Income-tax versus Sahu Enterprise (P.) Ltd. Income Tax Appeal Nos. 43 of 2006 AND 55 & 112 of 2005 Date of Pronouncement – 20.02.2013 JUDGMENT Dr. Satish Chandra, J. All the appeals have been preferred by the department under Section 260-A of the Income Tax Act against the judgment and orders dated 10.11.2004; 28.02.2005; and 27.05.2005 passed by the Income Tax Appellate Tribunal, Lucknow Bench, Lucknow in ITA Nos 1446/All./1998 (A.Y. 1995-96); 258/All./2000 (A.Y. 1995-960); and ITA No.176/Luc./2001 (A.Y. 1997-98). 2. Income...