https://www.taxtmi.com/caselaws?id=361042 The Tribunal partially allowed the appeals, directing the Assessing Officer to reassess the direct nexus between the borrowed funds and advances given for earning interest income. The Tribunal emphasized the need for a clear link between the borrowed funds and advances to support the interest payment claim. Additionally, the Tribunal instructed consideration of Section 24 of the Income Tax Act if the direct nexus is not proven. The decision was rendered on 25/05/2018. en-us Fri, 25 May 2018 00:00:00 +0530 Mon, 28 May 2018 10:57:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361042 The Tribunal partially allowed the appeals, directing the Assessing Officer to reassess the direct nexus between the borrowed funds and advances given for earning interest income. The Tribunal emphasized the need for a clear link between the borrowed funds and advances to support the interest payment claim. Additionally, the Tribunal instructed consideration of Section 24 of the Income Tax Act if the direct nexus is not proven. The decision was rendered on 25/05/2018. Case-Laws Income Tax Fri, 25 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361042