https://www.taxtmi.com/caselaws?id=27802 Repayment made to a bank on premature termination of a fixed deposit, where the funds were redeployed to invest in shares, was held deductible as expenditure incurred for earning income under section 57(iii) of the Income-tax Act, 1961. The Court treated the repayment as functionally equivalent to borrowing money for the share investment and paying interest on that borrowing. On that basis, the necessary nexus between the expenditure and the income-earning purpose was established, and the deduction was allowed against the Revenue. en-us Thu, 12 Jan 1984 00:00:00 +0530 Tue, 16 Feb 2010 11:42:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27802 Repayment made to a bank on premature termination of a fixed deposit, where the funds were redeployed to invest in shares, was held deductible as expenditure incurred for earning income under section 57(iii) of the Income-tax Act, 1961. The Court treated the repayment as functionally equivalent to borrowing money for the share investment and paying interest on that borrowing. On that basis, the necessary nexus between the expenditure and the income-earning purpose was established, and the deduction was allowed against the Revenue. Case-Laws Income Tax Thu, 12 Jan 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27802