https://www.taxtmi.com/caselaws?id=397975 The court ruled in favor of the assessee, finding a nexus between interest earned on fixed deposits and interest paid to creditors, allowing the interest paid to creditors as an expenditure under Section 57(iii) of the Income Tax Act. It emphasized the applicability of Minimum Alternative Tax (MAT) under Section 115JB, requiring consideration of the indexed cost of acquisition for computing book profits. The court highlighted the importance of following precedents and correctly applying tax provisions, ultimately quashing the Tribunal's orders against the assessee. en-us Wed, 26 Aug 2020 00:00:00 +0530 Mon, 09 Nov 2020 16:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397975 The court ruled in favor of the assessee, finding a nexus between interest earned on fixed deposits and interest paid to creditors, allowing the interest paid to creditors as an expenditure under Section 57(iii) of the Income Tax Act. It emphasized the applicability of Minimum Alternative Tax (MAT) under Section 115JB, requiring consideration of the indexed cost of acquisition for computing book profits. The court highlighted the importance of following precedents and correctly applying tax provisions, ultimately quashing the Tribunal's orders against the assessee. Case-Laws Income Tax Wed, 26 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397975