https://www.taxtmi.com/caselaws?id=209020 The Tribunal partly allowed the appeal by the assessee regarding the disallowance of deduction under section 80-IB for interest income earned from borrowed funds. It directed the AO to recompute the deduction, allowing set off of interest expenditure against interest income. The Tribunal also ruled in favor of the appellant on the treatment of interest income earned from borrowed funds, instructing the AO to adjust interest expenditure with interest income. Additionally, the Tribunal set aside lower authorities' decisions on the allowability of expenditure under section 57(iii) of the IT Act, directing a reconsideration in accordance with the law. The disallowance of telephone expenses was partially upheld, reducing the disallowed amount from Rs. 8,595 to Rs. 4,000. en-us Thu, 25 Nov 2010 00:00:00 +0530 Thu, 01 Aug 2013 12:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209020 The Tribunal partly allowed the appeal by the assessee regarding the disallowance of deduction under section 80-IB for interest income earned from borrowed funds. It directed the AO to recompute the deduction, allowing set off of interest expenditure against interest income. The Tribunal also ruled in favor of the appellant on the treatment of interest income earned from borrowed funds, instructing the AO to adjust interest expenditure with interest income. Additionally, the Tribunal set aside lower authorities' decisions on the allowability of expenditure under section 57(iii) of the IT Act, directing a reconsideration in accordance with the law. The disallowance of telephone expenses was partially upheld, reducing the disallowed amount from Rs. 8,595 to Rs. 4,000. Case-Laws Income Tax Thu, 25 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209020