https://www.taxtmi.com/caselaws?id=425287 The ITAT allowed the Assessee's appeal, permitting the deduction of interest expenses against interest income. The tribunal found the expenses directly linked to the income, despite the company's failure to repay deposits leading to borrowing. The ITAT considered the evidence provided as genuine, contrary to the revenue's argument. The appeal was partially allowed, with the primary issue resolved in favor of the Assessee, rendering the alternate contention unnecessary for adjudication. en-us Tue, 31 May 2022 00:00:00 +0530 Tue, 19 Jul 2022 18:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425287 The ITAT allowed the Assessee's appeal, permitting the deduction of interest expenses against interest income. The tribunal found the expenses directly linked to the income, despite the company's failure to repay deposits leading to borrowing. The ITAT considered the evidence provided as genuine, contrary to the revenue's argument. The appeal was partially allowed, with the primary issue resolved in favor of the Assessee, rendering the alternate contention unnecessary for adjudication. Case-Laws Income Tax Tue, 31 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425287