https://www.taxtmi.com/caselaws?id=408634 The appeal concerning the disallowance of a deduction claimed under Section 57(iii) of the Income Tax Act, 1961, amounting to Rs. 40,53,426 was remanded to the Assessing Officer (AO) for reexamination by the Income Tax Appellate Tribunal (ITAT). The ITAT found that the lower authorities did not adequately consider the facts and directed a fresh examination of all relevant documents to establish the nexus between the interest expenses and income earned. The appeal was allowed for statistical purposes, emphasizing the need for a thorough review before making a final decision on the deduction claim under Section 57(iii). en-us Mon, 07 Jun 2021 00:00:00 +0530 Thu, 17 Jun 2021 11:08:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408634 The appeal concerning the disallowance of a deduction claimed under Section 57(iii) of the Income Tax Act, 1961, amounting to Rs. 40,53,426 was remanded to the Assessing Officer (AO) for reexamination by the Income Tax Appellate Tribunal (ITAT). The ITAT found that the lower authorities did not adequately consider the facts and directed a fresh examination of all relevant documents to establish the nexus between the interest expenses and income earned. The appeal was allowed for statistical purposes, emphasizing the need for a thorough review before making a final decision on the deduction claim under Section 57(iii). Case-Laws Income Tax Mon, 07 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408634