https://www.taxtmi.com/caselaws?id=301500 The tribunal ruled in favor of the related assessees in the appeals concerning the disallowance of deductions claimed on interest expenditure against interest income. The tribunal found that the assessees, engaged in loan activities, had a consistent history of interest income exceeding interest expenses. Emphasizing the genuineness of the transactions and lack of misuse of funds, the tribunal held that a direct nexus between each transaction was not required. Consequently, the tribunal allowed all three appeals, permitting the assessees to offset interest expenditure against interest income and deleting the additions made by lower authorities. en-us Thu, 11 Mar 2021 00:00:00 +0530 Wed, 06 Apr 2022 22:01:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301500 The tribunal ruled in favor of the related assessees in the appeals concerning the disallowance of deductions claimed on interest expenditure against interest income. The tribunal found that the assessees, engaged in loan activities, had a consistent history of interest income exceeding interest expenses. Emphasizing the genuineness of the transactions and lack of misuse of funds, the tribunal held that a direct nexus between each transaction was not required. Consequently, the tribunal allowed all three appeals, permitting the assessees to offset interest expenditure against interest income and deleting the additions made by lower authorities. Case-Laws Income Tax Thu, 11 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301500