https://www.taxtmi.com/caselaws?id=290704 The Appellate Tribunal ITAT Chennai dismissed the appeal concerning the disallowance of interest paid on loans by the assessee. The Tribunal held that when funds are borrowed for investment in other firms, such interest cannot be claimed as a deduction since the income earned from those firms is not relevant in computing the assessee's income. The Tribunal referred to a judgment of the Kerala High Court to support its decision, emphasizing that the right to claim a deduction based on earlier assessments is not absolute, especially when the income source is different. The appeal was dismissed on 22nd December 2016 in Chennai. en-us Thu, 22 Dec 2016 00:00:00 +0530 Mon, 12 Oct 2020 10:58:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290704 The Appellate Tribunal ITAT Chennai dismissed the appeal concerning the disallowance of interest paid on loans by the assessee. The Tribunal held that when funds are borrowed for investment in other firms, such interest cannot be claimed as a deduction since the income earned from those firms is not relevant in computing the assessee's income. The Tribunal referred to a judgment of the Kerala High Court to support its decision, emphasizing that the right to claim a deduction based on earlier assessments is not absolute, especially when the income source is different. The appeal was dismissed on 22nd December 2016 in Chennai. Case-Laws Income Tax Thu, 22 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290704