https://www.taxtmi.com/caselaws?id=351787 The court held that the interest income from a loan to a sister concern cannot be set off against the interest paid on a bank loan for export business under Section 57(iii) of the Income Tax Act. The Tribunal's decision disallowing the set-off was justified as there was no close nexus between the interest earned and interest paid. The court found that the assessee failed to establish the required connection between the income and expenditure, supporting the Tribunal's decision. The appeal was dismissed, affirming the application of Section 57(iii) against the assessee. en-us Tue, 17 Oct 2017 00:00:00 +0530 Fri, 01 Dec 2017 08:34:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351787 The court held that the interest income from a loan to a sister concern cannot be set off against the interest paid on a bank loan for export business under Section 57(iii) of the Income Tax Act. The Tribunal's decision disallowing the set-off was justified as there was no close nexus between the interest earned and interest paid. The court found that the assessee failed to establish the required connection between the income and expenditure, supporting the Tribunal's decision. The appeal was dismissed, affirming the application of Section 57(iii) against the assessee. Case-Laws Income Tax Tue, 17 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351787