https://www.taxtmi.com/caselaws?id=424254 The Tribunal determined that the appellant LLP was a running concern engaged in project development activities. Regarding interest expenditure and income, the Tribunal allowed the deduction of interest paid against interest income under Section 57(iii) of the Act. The Tribunal held that there was a direct nexus between borrowings and lending, treating interest income as income from other sources. The decision emphasized the importance of consistent interpretation of tax laws and ruled in favor of the appellant, directing the Assessing Officer accordingly. en-us Tue, 15 Mar 2022 00:00:00 +0530 Fri, 24 Jun 2022 08:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424254 The Tribunal determined that the appellant LLP was a running concern engaged in project development activities. Regarding interest expenditure and income, the Tribunal allowed the deduction of interest paid against interest income under Section 57(iii) of the Act. The Tribunal held that there was a direct nexus between borrowings and lending, treating interest income as income from other sources. The decision emphasized the importance of consistent interpretation of tax laws and ruled in favor of the appellant, directing the Assessing Officer accordingly. Case-Laws Income Tax Tue, 15 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424254