https://www.taxtmi.com/caselaws?id=420717 The appeal was allowed, and the addition of Rs. 31,28,907/- was deleted. The Tribunal found the assessee eligible for deduction under Section 57 of the Income Tax Act, 1961, based on established loan transaction practices. The Tribunal emphasized the consistency of the assessee's activities and the lack of necessity for a direct nexus between each transaction and interest income. The decision aligned with a previous ITAT Chandigarh order, emphasizing fairness and consistency in tax treatment. en-us Mon, 14 Mar 2022 00:00:00 +0530 Thu, 07 Apr 2022 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420717 The appeal was allowed, and the addition of Rs. 31,28,907/- was deleted. The Tribunal found the assessee eligible for deduction under Section 57 of the Income Tax Act, 1961, based on established loan transaction practices. The Tribunal emphasized the consistency of the assessee's activities and the lack of necessity for a direct nexus between each transaction and interest income. The decision aligned with a previous ITAT Chandigarh order, emphasizing fairness and consistency in tax treatment. Case-Laws Income Tax Mon, 14 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420717