https://www.taxtmi.com/caselaws?id=397413 The Tribunal allowed the assessee to claim interest expenses under Section 57 of the Income Tax Act, as it found a nexus between the interest earned and interest paid. Additionally, even if the interest income was treated as business income, the Tribunal held that the interest expenditure should be allowed as a deduction under Section 37. The appeal of the assessee was allowed, permitting the claim of interest expenses under either Section 57 or Section 37, depending on the classification of the income. The Tribunal did not address the issue of preclusion or collateral estoppel regarding the taxable income classification. en-us Fri, 17 Jul 2020 00:00:00 +0530 Tue, 18 Aug 2020 07:26:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397413 The Tribunal allowed the assessee to claim interest expenses under Section 57 of the Income Tax Act, as it found a nexus between the interest earned and interest paid. Additionally, even if the interest income was treated as business income, the Tribunal held that the interest expenditure should be allowed as a deduction under Section 37. The appeal of the assessee was allowed, permitting the claim of interest expenses under either Section 57 or Section 37, depending on the classification of the income. The Tribunal did not address the issue of preclusion or collateral estoppel regarding the taxable income classification. Case-Laws Income Tax Fri, 17 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397413