https://www.taxtmi.com/caselaws?id=185390 The Tribunal found that the Assessing Officer (AO) failed to establish the nexus between borrowed funds and investments, contrary to past practices. Citing legal precedents, the Tribunal emphasized the need for the AO to determine if any expenditure related to exempt income was incurred. Consequently, the Tribunal directed the AO to re-examine the disallowance issue, allowing the appeals for re-adjudication for Assessment Years 2001-02 and 2002-03. en-us Fri, 26 Nov 2010 00:00:00 +0530 Thu, 11 Aug 2016 11:00:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185390 The Tribunal found that the Assessing Officer (AO) failed to establish the nexus between borrowed funds and investments, contrary to past practices. Citing legal precedents, the Tribunal emphasized the need for the AO to determine if any expenditure related to exempt income was incurred. Consequently, the Tribunal directed the AO to re-examine the disallowance issue, allowing the appeals for re-adjudication for Assessment Years 2001-02 and 2002-03. Case-Laws Income Tax Fri, 26 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185390