AO Barred from Reassessing Deleted Additions from Harshad Mehta Scam Case: Bombay High Court

Issue of Interest Expenses Disallowed for Non-Business Purposes Addressed In a recent judgment from the High Court of Judicature at Bombay, the issue of interest expenses incurred for non-business purposes was deliberated upon in Income Tax Appeal No.1491 of 2019 (A.Y. 1989-1990). The Background: The case revolved around Bhupendra Champaklal Dalal, an individual engaged in business as a sole proprietor under the name M/s B.C. Devidas, primarily as a registered…