https://www.taxtmi.com/caselaws?id=203251 The court held that the Tribunal erred in allowing a deduction of estimated expenditure against interest income on term deposits. It was found that the deposits earning interest were not made from borrowed funds as claimed by the assessee, leading to the conclusion that no deduction under section 57(iii) of the Income-tax Act was justified. The court upheld the Assessing Officer's decision to disallow the claim and reversed the Tribunal's ruling, restoring the assessment in favor of the Department. en-us Mon, 16 Nov 2009 00:00:00 +0530 Sat, 22 Dec 2012 13:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203251 The court held that the Tribunal erred in allowing a deduction of estimated expenditure against interest income on term deposits. It was found that the deposits earning interest were not made from borrowed funds as claimed by the assessee, leading to the conclusion that no deduction under section 57(iii) of the Income-tax Act was justified. The court upheld the Assessing Officer's decision to disallow the claim and reversed the Tribunal's ruling, restoring the assessment in favor of the Department. Case-Laws Income Tax Mon, 16 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203251