https://www.taxtmi.com/caselaws?id=372378 The High Court of Calcutta ruled in favor of the appellant, allowing the interest paid on borrowed funds to acquire control of two companies as an allowable expenditure under Section 37 of the Income Tax Act. The Court criticized the Tribunal's decision for considering future income implications and emphasized the importance of a direct nexus between investments made and income earned by the assessee when applying Section 14A in relation to exempt income. en-us Wed, 28 Nov 2018 00:00:00 +0530 Fri, 21 Dec 2018 07:09:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372378 The High Court of Calcutta ruled in favor of the appellant, allowing the interest paid on borrowed funds to acquire control of two companies as an allowable expenditure under Section 37 of the Income Tax Act. The Court criticized the Tribunal's decision for considering future income implications and emphasized the importance of a direct nexus between investments made and income earned by the assessee when applying Section 14A in relation to exempt income. Case-Laws Income Tax Wed, 28 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372378