https://www.taxtmi.com/caselaws?id=400571 Interest expenditure was allowed against interest income where the liability had accrued, a sufficient nexus existed between borrowed funds and interest-bearing investments, and the absence of a written agreement did not defeat the claim; the Tribunal also applied consistency with earlier years on materially similar facts. Compensatory interest under sections 234A, 234B and 234C was to be recomputed after excluding income already subjected to tax deduction at source. The proportionate interest disallowance under section 14A was upheld as part of the cost of acquisition of shares and securities, following the same view taken in connected group matters. en-us Tue, 15 Sep 2020 00:00:00 +0530 Tue, 10 Nov 2020 16:02:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400571 Interest expenditure was allowed against interest income where the liability had accrued, a sufficient nexus existed between borrowed funds and interest-bearing investments, and the absence of a written agreement did not defeat the claim; the Tribunal also applied consistency with earlier years on materially similar facts. Compensatory interest under sections 234A, 234B and 234C was to be recomputed after excluding income already subjected to tax deduction at source. The proportionate interest disallowance under section 14A was upheld as part of the cost of acquisition of shares and securities, following the same view taken in connected group matters. Case-Laws Income Tax Tue, 15 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400571