https://www.taxtmi.com/caselaws?id=219307 The Tribunal remanded the issue of disallowance of deductions under section 80IB of the Income Tax Act to the Assessing Officer for the appellant to establish the nexus of interest received and paid, emphasizing the requirement of a direct nexus between business activity and interest earned. The Tribunal directed the Assessing Officer to examine the nature of interest earned from funds advanced and paid, allowing the appellant to provide evidence for further consideration. Disallowances related to various expenses were upheld due to lack of verifiable documentation, emphasizing the importance of proper documentation to support expense claims. Both appeals were partly allowed for statistical purposes. en-us Wed, 18 Jul 2012 00:00:00 +0530 Tue, 25 Sep 2012 16:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219307 The Tribunal remanded the issue of disallowance of deductions under section 80IB of the Income Tax Act to the Assessing Officer for the appellant to establish the nexus of interest received and paid, emphasizing the requirement of a direct nexus between business activity and interest earned. The Tribunal directed the Assessing Officer to examine the nature of interest earned from funds advanced and paid, allowing the appellant to provide evidence for further consideration. Disallowances related to various expenses were upheld due to lack of verifiable documentation, emphasizing the importance of proper documentation to support expense claims. Both appeals were partly allowed for statistical purposes. Case-Laws Income Tax Wed, 18 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219307