https://www.taxtmi.com/caselaws?id=243275 The High Court upheld the Tribunal's decision affirming the CIT (A) ruling that there was no nexus between borrowed funds and loans, resulting in the deletion of disallowances under Section 36(1)(iii) for the assessment year A.Y. 2009-10. The Court found the Tribunal's decision justified, aligning with statutory conditions. However, the High Court restored proceedings to the Tribunal for reevaluation of the cross objection by the assessee, emphasizing the need for proper consideration of facts. No substantial questions of law arose from the rest of the Tribunal's order. en-us Wed, 15 Jan 2014 00:00:00 +0530 Wed, 29 Jan 2014 11:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243275 The High Court upheld the Tribunal's decision affirming the CIT (A) ruling that there was no nexus between borrowed funds and loans, resulting in the deletion of disallowances under Section 36(1)(iii) for the assessment year A.Y. 2009-10. The Court found the Tribunal's decision justified, aligning with statutory conditions. However, the High Court restored proceedings to the Tribunal for reevaluation of the cross objection by the assessee, emphasizing the need for proper consideration of facts. No substantial questions of law arose from the rest of the Tribunal's order. Case-Laws Income Tax Wed, 15 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243275