https://www.taxtmi.com/caselaws?id=64073 The Tribunal set aside the CIT(A)'s order, remanding the case to the AO for re-evaluation. The Tribunal held that the disallowance of interest under s. 36(1)(iii) was unjustified without a direct nexus between borrowed funds and investments. The AO was directed to verify the assessee's claims and allow the deduction under s. 80M if substantiated. The assessee's appeal was allowed for statistical purposes, ensuring an opportunity to substantiate its claim. en-us Thu, 29 Jan 2004 00:00:00 +0530 Fri, 28 Jun 2024 15:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64073 The Tribunal set aside the CIT(A)'s order, remanding the case to the AO for re-evaluation. The Tribunal held that the disallowance of interest under s. 36(1)(iii) was unjustified without a direct nexus between borrowed funds and investments. The AO was directed to verify the assessee's claims and allow the deduction under s. 80M if substantiated. The assessee's appeal was allowed for statistical purposes, ensuring an opportunity to substantiate its claim. Case-Laws Income Tax Thu, 29 Jan 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64073