https://www.taxtmi.com/caselaws?id=290812 The Tribunal partially allowed the appeal by directing the deletion of the disallowance of interest expenditure against interest income. However, the appeal regarding the treatment of agricultural income as non-agricultural income was dismissed. The Tribunal emphasized the nexus between borrowed funds and subsequent lending to allow the claim of interest expenditure but upheld the lower authorities' decision on the treatment of agricultural income based on the burden of proof on the assessee regarding agricultural operations and income. en-us Mon, 13 Jan 2020 00:00:00 +0530 Sat, 17 Oct 2020 12:02:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290812 The Tribunal partially allowed the appeal by directing the deletion of the disallowance of interest expenditure against interest income. However, the appeal regarding the treatment of agricultural income as non-agricultural income was dismissed. The Tribunal emphasized the nexus between borrowed funds and subsequent lending to allow the claim of interest expenditure but upheld the lower authorities' decision on the treatment of agricultural income based on the burden of proof on the assessee regarding agricultural operations and income. Case-Laws Income Tax Mon, 13 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290812