https://www.taxtmi.com/caselaws?id=412046 The ITAT allowed the appeal, overturning decisions on disallowance of interest paid on loan, unsecured loan addition, and business expenditure disallowance. The ITAT found a nexus between interest income and expenditure, established creditor's creditworthiness, and deemed business expenses legitimate. The disallowances were deleted under relevant sections of the Income Tax Act, emphasizing the importance of verifying income-expenditure connections, creditor creditworthiness, and business expense legitimacy. en-us Tue, 31 Aug 2021 00:00:00 +0530 Thu, 09 Sep 2021 08:18:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412046 The ITAT allowed the appeal, overturning decisions on disallowance of interest paid on loan, unsecured loan addition, and business expenditure disallowance. The ITAT found a nexus between interest income and expenditure, established creditor's creditworthiness, and deemed business expenses legitimate. The disallowances were deleted under relevant sections of the Income Tax Act, emphasizing the importance of verifying income-expenditure connections, creditor creditworthiness, and business expense legitimacy. Case-Laws Income Tax Tue, 31 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412046