https://www.taxtmi.com/caselaws?id=398112 The Tribunal allowed the appeal, directing the deletion of the disallowance of Rs. 257,270,727 of interest expenses made by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals). The Tribunal found that the assessee had sufficiently demonstrated the nexus between the borrowed funds and interest income, concluding that the interest expenses were legitimately incurred for earning such income. The Tribunal dismissed the fourth ground of appeal as infructuous in light of its decision on the first three grounds. en-us Thu, 03 Sep 2020 00:00:00 +0530 Mon, 07 Sep 2020 10:10:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398112 The Tribunal allowed the appeal, directing the deletion of the disallowance of Rs. 257,270,727 of interest expenses made by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals). The Tribunal found that the assessee had sufficiently demonstrated the nexus between the borrowed funds and interest income, concluding that the interest expenses were legitimately incurred for earning such income. The Tribunal dismissed the fourth ground of appeal as infructuous in light of its decision on the first three grounds. Case-Laws Income Tax Thu, 03 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398112