https://www.taxtmi.com/caselaws?id=28027 The court ruled against the assessee, denying the deduction of interest paid to the firm under the heading 'Other sources' for specific assessment years. The Tribunal found that the expenditure was not solely incurred for earning income as required by the Income Tax Act, emphasizing the necessity of a nexus between the expenditure and income to qualify for deduction under the relevant section. The court rejected the argument of commercial expediency and highlighted the importance of the purpose in establishing the deductibility of expenses. Ultimately, the Revenue prevailed, and the assessee was directed to bear the reference costs. en-us Fri, 14 Jan 1983 00:00:00 +0530 Wed, 17 Feb 2010 14:10:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28027 The court ruled against the assessee, denying the deduction of interest paid to the firm under the heading 'Other sources' for specific assessment years. The Tribunal found that the expenditure was not solely incurred for earning income as required by the Income Tax Act, emphasizing the necessity of a nexus between the expenditure and income to qualify for deduction under the relevant section. The court rejected the argument of commercial expediency and highlighted the importance of the purpose in establishing the deductibility of expenses. Ultimately, the Revenue prevailed, and the assessee was directed to bear the reference costs. Case-Laws Income Tax Fri, 14 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28027