https://www.taxtmi.com/caselaws?id=261395 The Tribunal partially allowed both appeals for A.Y. 2008-09 and A.Y. 2009-10, directing the AO to verify the direct nexus of interest expenditure to interest income. The Assessee's contentions were to be examined, and if a direct link was established, the interest expenditure could be allowed or set off against the income. The Tribunal found merit in the Assessee's argument regarding the relationship between interest expenditure and interest income, remanding the matter for further examination by the AO to determine the direct link before making a final decision. en-us Wed, 25 Mar 2015 00:00:00 +0530 Sat, 11 Jul 2015 05:56:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261395 The Tribunal partially allowed both appeals for A.Y. 2008-09 and A.Y. 2009-10, directing the AO to verify the direct nexus of interest expenditure to interest income. The Assessee's contentions were to be examined, and if a direct link was established, the interest expenditure could be allowed or set off against the income. The Tribunal found merit in the Assessee's argument regarding the relationship between interest expenditure and interest income, remanding the matter for further examination by the AO to determine the direct link before making a final decision. Case-Laws Income Tax Wed, 25 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261395