https://www.taxtmi.com/caselaws?id=390550 The appeals were partly allowed. The tribunal upheld the CIT(A)'s decisions on most issues, including condoning the delay, recognizing the nexus between borrowings and advances, classifying interest income as business income (except for interest on tax refunds), and allowing interest expenditure. The proportionate disallowance of interest expenditure was also upheld. The tribunal directed the AO to modify the order for the interest on tax refunds to be assessed as income from other sources. en-us Fri, 03 Jan 2020 00:00:00 +0530 Mon, 06 Jan 2020 06:44:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390550 The appeals were partly allowed. The tribunal upheld the CIT(A)'s decisions on most issues, including condoning the delay, recognizing the nexus between borrowings and advances, classifying interest income as business income (except for interest on tax refunds), and allowing interest expenditure. The proportionate disallowance of interest expenditure was also upheld. The tribunal directed the AO to modify the order for the interest on tax refunds to be assessed as income from other sources. Case-Laws Income Tax Fri, 03 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390550