https://www.taxtmi.com/caselaws?id=256443 The court addressed issues related to the disallowance of interest claimed under S.24(b) of the Income Tax Act and an unexplained cash deposit. The Assessing Officer disallowed interest claimed for the construction of a hospital building, but the CIT(A) allowed it citing a CBDT Circular. The Tribunal directed the Assessing Officer to allow the deduction if a nexus between fixed deposits and construction is proven. For the subsequent year, a similar decision was made. Regarding the unexplained cash deposit, the Tribunal remanded the matter for proper verification and consideration of the explanation provided by the assessee. The judgment emphasizes the importance of establishing a direct nexus for claimed deductions and thorough verification in tax assessments. en-us Thu, 28 Aug 2014 00:00:00 +0530 Fri, 13 Feb 2015 07:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256443 The court addressed issues related to the disallowance of interest claimed under S.24(b) of the Income Tax Act and an unexplained cash deposit. The Assessing Officer disallowed interest claimed for the construction of a hospital building, but the CIT(A) allowed it citing a CBDT Circular. The Tribunal directed the Assessing Officer to allow the deduction if a nexus between fixed deposits and construction is proven. For the subsequent year, a similar decision was made. Regarding the unexplained cash deposit, the Tribunal remanded the matter for proper verification and consideration of the explanation provided by the assessee. The judgment emphasizes the importance of establishing a direct nexus for claimed deductions and thorough verification in tax assessments. Case-Laws Income Tax Thu, 28 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256443