https://www.taxtmi.com/caselaws?id=65055 The Tribunal dismissed the appeal, ruling that the interest paid on borrowings cannot be offset against the interest earned from Fixed Deposit Receipts for income tax purposes. The decision was based on the lack of correlation between the purpose of the expenditure and the income earned, as required by Section 57(iii) of the Income-tax Act, 1961. en-us Fri, 21 Aug 1987 00:00:00 +0530 Fri, 11 Feb 2011 19:01:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65055 The Tribunal dismissed the appeal, ruling that the interest paid on borrowings cannot be offset against the interest earned from Fixed Deposit Receipts for income tax purposes. The decision was based on the lack of correlation between the purpose of the expenditure and the income earned, as required by Section 57(iii) of the Income-tax Act, 1961. Case-Laws Income Tax Fri, 21 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65055