https://www.taxtmi.com/caselaws?id=290058 Interest expenditure claimed by a notified entity on borrowed funds invested in term deposits requires verification of the accrued liability under the mercantile system and its direct nexus with interest income. The matter was restored for verification and appropriate relief. The related book-profit computation under section 115JB was consequential and was remanded with the interest issue. Interest under sections 234A, 234B and 234C remained chargeable in principle, but required recomputation after crediting tax deductible at source against assessed income. The relief was limited to remand and recalculation; the substantive claims remained subject to fresh verification. en-us Mon, 15 Oct 2018 00:00:00 +0530 Mon, 07 Sep 2020 10:11:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290058 Interest expenditure claimed by a notified entity on borrowed funds invested in term deposits requires verification of the accrued liability under the mercantile system and its direct nexus with interest income. The matter was restored for verification and appropriate relief. The related book-profit computation under section 115JB was consequential and was remanded with the interest issue. Interest under sections 234A, 234B and 234C remained chargeable in principle, but required recomputation after crediting tax deductible at source against assessed income. The relief was limited to remand and recalculation; the substantive claims remained subject to fresh verification. Case-Laws Income Tax Mon, 15 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290058