https://www.taxtmi.com/caselaws?id=306159 The Tribunal allowed the appeal, directing the Assessing Officer to delete the disallowance of interest on borrowing and interest on flats. The decision emphasized the necessity of a clear nexus between expenditure and income earned, highlighting the purpose of expenditure for income generation. The judgment clarified the distinction between allowable expenses under section 37 and section 57 of the Income Tax Act, ensuring expenses are solely and exclusively for earning income. en-us Fri, 06 Aug 2021 00:00:00 +0530 Fri, 13 Jan 2023 21:11:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306159 The Tribunal allowed the appeal, directing the Assessing Officer to delete the disallowance of interest on borrowing and interest on flats. The decision emphasized the necessity of a clear nexus between expenditure and income earned, highlighting the purpose of expenditure for income generation. The judgment clarified the distinction between allowable expenses under section 37 and section 57 of the Income Tax Act, ensuring expenses are solely and exclusively for earning income. Case-Laws Income Tax Fri, 06 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306159