https://www.taxtmi.com/caselaws?id=361204 The Appellate Tribunal upheld the decision of the lower authorities in dismissing the assessee's appeal. The Tribunal ruled that the interest expenses on the overdraft were not directly related to earning interest income from fixed deposits, leading to the disallowance of deductions claimed by the assessee under the Income Tax Act. The Tribunal emphasized that the deductions were not allowable as the expenses were not incurred for the purpose of generating the interest income. en-us Tue, 29 May 2018 00:00:00 +0530 Thu, 31 May 2018 11:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361204 The Appellate Tribunal upheld the decision of the lower authorities in dismissing the assessee's appeal. The Tribunal ruled that the interest expenses on the overdraft were not directly related to earning interest income from fixed deposits, leading to the disallowance of deductions claimed by the assessee under the Income Tax Act. The Tribunal emphasized that the deductions were not allowable as the expenses were not incurred for the purpose of generating the interest income. Case-Laws Income Tax Tue, 29 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361204