https://www.taxtmi.com/caselaws?id=180032 The case involved appeals by the Revenue and the Cross Objection by the assessee regarding disallowance of proportionate interest on investments for business purposes and disallowance of credit for TDS claimed. The Tribunal directed the Assessing Officer to verify the nexus between borrowed funds and investments, emphasizing the need for a business purpose for interest to be allowed. Regarding TDS credit, the Tribunal highlighted that credit should be given in the year the income is assessable and instructed the Assessing Officer to grant TDS credit if income was offered for taxation. Both appeals were allowed for statistical purposes, with the issues remanded for fresh consideration. en-us Wed, 15 Jun 2011 00:00:00 +0530 Sat, 08 Apr 2023 13:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180032 The case involved appeals by the Revenue and the Cross Objection by the assessee regarding disallowance of proportionate interest on investments for business purposes and disallowance of credit for TDS claimed. The Tribunal directed the Assessing Officer to verify the nexus between borrowed funds and investments, emphasizing the need for a business purpose for interest to be allowed. Regarding TDS credit, the Tribunal highlighted that credit should be given in the year the income is assessable and instructed the Assessing Officer to grant TDS credit if income was offered for taxation. Both appeals were allowed for statistical purposes, with the issues remanded for fresh consideration. Case-Laws Income Tax Wed, 15 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180032