https://www.taxtmi.com/caselaws?id=183055 The Tribunal upheld the CIT(A)'s order allowing the deduction under Section 80IB(10) for profits from 15 residential buildings. It affirmed the treatment of interest income as "income from other sources" due to the lack of direct relation with the housing project. The matter of nexus between interest income and expenditure was remanded to the AO for further examination. The Tribunal supported the set-off of interest income against expenditure, finding a direct nexus between the loan borrowed and amounts advanced, leading to the dismissal of the Revenue's appeal on 30-11-2015. en-us Mon, 30 Nov 2015 00:00:00 +0530 Fri, 27 May 2016 09:35:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183055 The Tribunal upheld the CIT(A)'s order allowing the deduction under Section 80IB(10) for profits from 15 residential buildings. It affirmed the treatment of interest income as "income from other sources" due to the lack of direct relation with the housing project. The matter of nexus between interest income and expenditure was remanded to the AO for further examination. The Tribunal supported the set-off of interest income against expenditure, finding a direct nexus between the loan borrowed and amounts advanced, leading to the dismissal of the Revenue's appeal on 30-11-2015. Case-Laws Income Tax Mon, 30 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183055