https://www.taxtmi.com/caselaws?id=356506 The Tribunal dismissed the appeals, ruling that the interest income from bank and MSEB was taxable, not falling under the principle of mutuality. The assessee's request for a deduction under section 57(iii) was denied due to the lack of a direct nexus between the expenses claimed and the interest income earned. The Tribunal upheld the CIT(A)'s decision, allowing only a 7.5% deduction of the interest income. The outcome applied to assessment years 2008-09 and 2009-10. en-us Tue, 23 Jan 2018 00:00:00 +0530 Wed, 07 Mar 2018 08:02:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356506 The Tribunal dismissed the appeals, ruling that the interest income from bank and MSEB was taxable, not falling under the principle of mutuality. The assessee's request for a deduction under section 57(iii) was denied due to the lack of a direct nexus between the expenses claimed and the interest income earned. The Tribunal upheld the CIT(A)'s decision, allowing only a 7.5% deduction of the interest income. The outcome applied to assessment years 2008-09 and 2009-10. Case-Laws Income Tax Tue, 23 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356506