https://www.taxtmi.com/caselaws?id=395131 The tribunal allowed the appeal by the revenue, upholding the Assessing Officer's decision to disallow the claimed expenditure under Section 57(iii) of the Income Tax Act. It found that the expenditure primarily related to venture capital investments, not to earning interest income, emphasizing the lack of a direct nexus between the expenditure and interest income. The tribunal distinguished the case from cited precedents, highlighting the unique circumstances and ultimately concluded that the claimed expenditure was not allowable. en-us Thu, 12 Mar 2020 00:00:00 +0530 Thu, 07 May 2020 09:59:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395131 The tribunal allowed the appeal by the revenue, upholding the Assessing Officer's decision to disallow the claimed expenditure under Section 57(iii) of the Income Tax Act. It found that the expenditure primarily related to venture capital investments, not to earning interest income, emphasizing the lack of a direct nexus between the expenditure and interest income. The tribunal distinguished the case from cited precedents, highlighting the unique circumstances and ultimately concluded that the claimed expenditure was not allowable. Case-Laws Income Tax Thu, 12 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395131